After reaching a historical high of $98,800 on November 25, Bitcoin experienced a significant pullback, hitting a low of $90,800 on Wednesday (November 27). As the market worried about falling below the $90,000 mark, Bitcoin saw a rebound to $97,200 yesterday (November 28), and at the time of writing, it stands at $96,333, oscillating around the $95,000 level with a slight 24-hour dip of 0.16%.

Ethereum, after reaching a high of $3,680 yesterday, has been oscillating between $3,500 and $3,600 over the past 24 hours, currently trading at $3,581, down by 1.7%.

$90,000 Might Be Bitcoin's Near-Term Bottom

As November draws to a close, the market's celebration of a possible Trump victory seems to be waning. However, there are signs that $90,000 could be acting as Bitcoin's near-term bottom:

1. Spot Bitcoin ETF Turns to Net Inflows

According to Sosovalue data, during the price drop on November 25 and 26, US Bitcoin spot ETFs also showed net outflows amounting to $560 million. However, on November 27, these ETFs experienced net inflows again.

2.  Exchange Bitcoin Balances Hit New Lows

Data from CryptoQuant indicates that the Bitcoin balance on centralized exchanges has reached a new historical low, typically suggesting that investors are moving their Bitcoin to cold storage for long-term holding, indicating a bullish market sentiment.

ETF Options Signal New Bullish Momentum

Last week, several Bitcoin ETF options were listed. BlackRock's IBIT options alone saw a notional trading volume of $1.9 billion on the first day, compared to the $360 million for BITO in 2021, highlighting a strong market demand and bullish sentiment for Bitcoin and its derivatives. Moreover, 80% of the trades on IBIT's first day were call options, indicating that the introduction of spot Bitcoin ETF options will further accelerate institutional adoption of Bitcoin. These tools allow investors to hedge risks and devise complex trading strategies to profit from Bitcoin's volatility, drawing in more capital and experienced institutions.

Bitcoin Whales Accumulate 10,000 BTC During Downturn

On-chain analyst ali_charts noted that during the recent dip from $99,000 to $90,000, Bitcoin whales accumulated over 10,000 BTC, suggesting that they do not believe the current price represents a peak yet.

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.