Bitcoin is showing early signs of stabilization after a turbulent month, lifted by dovish signals from Federal Reserve officials John Williams and Adriana Kugler Miran. Their comments pushed market expectations for a December rate cut to roughly 75%, up from as low as 30–40% just days earlier. For a liquidity-sensitive asset like BTC, that shift has opened the door to a modest rebound after a steep 30% drawdown.

Despite the improving macro tone, bitcoin’s technical backdrop remains fragile. Recent breaks below key support levels have left sentiment cautious, though derivatives markets suggest a more complex positioning picture. Defensive hedging is still elevated, but traders continue to favor upside exposure heading into year-end.

QCP’s Nov. 24 market insight notes that open interest in major December BTC call options remains substantial, reflecting a market unwilling to abandon the possibility of a late-year rally. The largest year-end strikes include $85k ($1.23 billion), $140k ($1.05 billion), $120k ($849 million), $200k ($765 million), and $130k ($738 million). Such positioning shows investors preparing for both continued pressure and a potential snapback similar to late 2021, when bitcoin doubled after a 30% correction.

The current max pain level for December expiry sits at $104k, a significant zone given record-high BTC options open interest and rising volatility. Meanwhile, perpetual futures markets are beginning to reset: long leverage has washed out, funding has turned negative, and forced deleveraging risks appear to be easing.

Read more: The Fed May Have Just Resuscitated Bitcoin

This week’s action will reveal whether Friday’s rebound can extend into sustained strength. With U.S. ETF flows showing their first signs of stabilization after weeks of outflows, traders will be watching whether that trend continues as U.S. markets reopen after the holiday stretch. Key macro data to watch out for this week include Tuesday’s U.S. September PPI, Retail Sales, Wednesday’s Initial Jobless Claims, and Core PCE.

• Why did bitcoin rebound this week?
  Dovish Fed comments boosted expectations for a December rate cut.
• Is BTC still in a bearish trend for now?
  Yes, recent breakdowns keep technicals weak despite improving sentiment.
• Why are options markets important right now?
  Record-high open interest increases the impact of key strike levels around $104k.

• What could drive a stronger BTC recovery?
  Sustained ETF inflows and softer macro data would provide meaningful support.

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