Daily Market Update: Bitcoin Recovers While Stock Futures Rise Ahead of Thanksgiving

TLDR

• Bitcoin rebounded 3.21% to $87,423 after hitting extreme oversold levels on the RSI indicator
• XRP surged over 7% to $2.07 while Zcash rallied nearly 20% as traders moved into high-momentum assets
• Total crypto market cap increased 2.93% to $2.97 trillion despite extreme fear levels of 13 on the Fear and Greed Index
• US stock futures climbed on Monday with S&P 500 futures up 0.5% following comments from Fed’s John Williams about potential December rate cut
• Bitcoin funding rates turned negative showing increased short positions, with $218 million in liquidations over 24 hours

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Bitcoin and crypto markets bounced back on Monday after hitting extreme oversold conditions. US stock futures also climbed as traders looked ahead to a shortened Thanksgiving week.

Bitcoin (BTC) Price

Bitcoin traded near $87,423 after rising roughly 3.21% from early lows. Analyst Ali Martinez noted Bitcoin entered extreme oversold territory on the RSI indicator earlier in the day.

This technical level has previously triggered short-term recoveries in 2023 and March 2025. The bounce came after Michael Saylor from Strategy reiterated his company’s long-term commitment to Bitcoin.

The wider crypto market also gained ground according to CoinMarketCap data. The total crypto market capitalization increased 2.93% to $2.97 trillion with most top 20 digital assets recording gains.

Ethereum, Solana, BNB, Dogecoin, Cardano, and Tron all rose as selling pressure decreased. These gains came after several tough weeks for the crypto sector.

XRP showed particularly strong performance with a rise of more than 7% to $2.07. Zcash delivered even better results with a rally of nearly 20%.

The ZEC rally has pushed the privacy token up more than 965% in 2025. It currently maintains one of the strongest performances among privacy-oriented tokens.

The recovery followed heavy liquidations in derivatives markets. According to CoinGlass, liquidations in the past 24 hours totaled approximately $218 million.

Despite the gains, trader sentiment remains cautious. The Crypto Fear and Greed Index sits at 13, indicating extreme fear levels.

New data from market analyst Ted Pillows shows Bitcoin funding rates turned negative as prices rebounded. The data reveals aggressive short positions taken by traders betting on a pullback.

The chart also showed falling open interest before a small recovery. This suggested earlier liquidations cleared crowded positions while new shorts attempted to rebuild exposure.

Pillows noted Bitcoin may push higher if the market forces short positions to close. He said a short squeeze could occur before any attempt to fill the CME gap.

US stock futures climbed on Monday morning ahead of the Thanksgiving holiday week. Dow Jones Industrial Average futures added roughly 0.2% while S&P 500 futures advanced 0.5%.

E-Mini S&P 500 Dec 25 (ES=F)

Contracts on the Nasdaq 100 climbed 0.7% as Wall Street prepared for trading. The gains followed comments from Federal Reserve Bank of New York president John Williams.

Williams suggested a December rate cut remains a possibility. His comments helped boost sentiment despite recent market losses throughout November.

The S&P 500 dropped 2% last week, widening its month-to-date decline to about 3.5%. The Nasdaq Composite slid 2.7% and is now down over 6% in November.

This week traders are watching producer price data from the Bureau of Labor Statistics. The Census Bureau will also release retail sales data on Tuesday.

US markets will be closed Thursday for Thanksgiving and will shut early at 1 p.m. ET on Friday.

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