Bitcoin Reaches Critical Fib Level, Crypto Markets Stable with $100K in Sight but Limited Upside

Bitcoin (BTC) held steady above $91,000 on Friday, with crypto markets largely flat over the past 24 hours following Thursday’s U.S. Thanksgiving holiday.

Market sentiment has improved from last week’s lows, with the fear-and-greed index rising to 22 — still in “extreme fear” territory, but signaling renewed buying across large-cap tokens. BTC has retraced roughly 61.8% of its November 11–21 decline, reclaiming a key Fibonacci level that previously acted as resistance. FxPro’s Alex Kuptsikevich noted that sustained strength here could open the door for a move toward $100,000.

“Bitcoin broke above $91K, reaching seven-day highs and reclaiming the 61.8% retracement from mid-November’s drop,” he said. “If momentum persists, BTC could test $100K and even higher round-number levels.”

Some analysts view the ~30% correction from recent highs as a potential long-term entry point. K33 Research highlighted that BTC underperformed the Nasdaq in 70% of sessions last month, a rare deviation often seen near local inflection points. Deribit flows show traders favoring upside structures in the $100,000–$118,000 range while remaining cautious about clearing $120,000 without stronger macro support.

Tether (USDT) drew attention after S&P Global Ratings downgraded it to “weak,” citing exposure to riskier assets including BTC, gold, and corporate credit. The issuer now holds 116 tonnes of gold, comparable to the reserves of Hungary or Greece, reflecting a trend of stablecoins diversifying collateral.

Altcoins were mixed but began reflecting improving risk sentiment. Ether (ETH) slipped 0.4% to $3,023 but gained 7.7% over seven days. XRP dropped 0.8% to $2.20 but rose over 10% weekly. BNB added 0.3% to $897, Solana (SOL) fell 2% to $140, Tron (TRX) rose 1.4% to $0.2803, Dogecoin (DOGE) dropped 2.5% to $0.1508, and Cardano (ADA) lost 1.4% to $0.427.

Outside the top 10, Zcash (ZEC) fell 8%, partially erasing earlier gains, while newcomer Monad (MON) dropped 13% as speculative flows rotated out of high-beta tokens.