Key Takeaways
- •Bitcoin rebounds above $91,000 as traders price in a more dovish Federal Reserve under a potential Kevin Hassett appointment.
- •On-chain signals improve, with the Puell Multiple rising from deep accumulation levels.
- •Technical indicators lean bullish, but $93K and $96.5K remain the next critical resistance zones.
After slipping earlier this week, Bitcoin (BTC) rebounded toward the $91,000 zone with a 4% gain over the last 24 hours, supported by rising trading volume and improving sentiment across derivatives and on-chain analytics.
Fed Chair Expectations Flip – and Bitcoin Reacts
A key catalyst behind today’s move appears to be growing confidence that Kevin Hassett is now the leading candidate to become the next Federal Reserve Chair under President Donald Trump. Prediction markets show Hassett with a strong lead over other contenders, and his policy stance is perceived as notably more dovish — favoring deeper rate cuts and potentially fresh quantitative easing (QE).
When markets get clarity on future monetary direction, risk assets tend to price in the shift early. Bitcoin traders are betting the Fed under Hassett would lean toward looser financial conditions, a historically supportive backdrop for crypto.
On-Chain Metrics Turn Constructive
The Puell Multiple, a well-followed model that has historically signaled Bitcoin cycle bottoms when it dips below 0.50, has now risen to 0.67. While this remains within the lower accumulation band, analysts note that BTC typically begins regaining momentum when the indicator climbs from depressed levels.
The Puell Multiple has marked Bitcoin $BTC cycle bottoms since 2015 when it drops below 0.50.
It’s now at 0.67. pic.twitter.com/6Z0ednSaRf
— Ali (@ali_charts) November 26, 2025
Market watchers emphasize that previous cycles saw major upside follow when miner revenue stabilized and the Puell Multiple exited extreme lows — a pattern now starting to repeat.
Derivatives played a role in the latest move. Over the past day, more than $132 million worth of BTC positions were liquidated, with shorts accounting for the majority (about $114 million). Funding resets and forced liquidations added fuel to Bitcoin’s recovery after last week’s heavy selling.
Technical Picture Shows Improving Momentum
BTC’s 4-hour chart shows strengthening structure, with RSI recovering toward the 65–70 zone and MACD crossing bullishly above zero, indicating improving momentum.
Key price levels to watch:
- •Resistance: $93,000 → $96,500
- •Major breakout threshold: $100,000
- •Support: $88,000 → $85,500
A reclaim of the $93K area would boost the probability of a continuation toward six figures, while losing $88K would reopen downside risk.
Broader Sentiment: Steady, Not Euphoric
Bitcoin’s market cap now sits near $1.82 trillion, and 24-hour trading volume has jumped above $72 billion, confirming active participation behind the move — not a thin rally.
Analysts caution, however, that macro-driven rallies can fluctuate sharply before clarity emerges. Nonetheless, for now, policy expectations are shifting in Bitcoin’s favor and traders are responding accordingly.