Panorama of Crypto Assets
BTC (-0.87% | Current Price 92,345 USDT)
After a period of high-level consolidation, BTC has shifted to a weaker corrective pattern over the past 24 hours. The price has repeatedly encountered resistance and pulled back near $93,000, failing to achieve a meaningful breakout. At the same time, short-term moving averages (MA5, MA10, EMA9) have flattened or even slightly turned downward, reflecting a weakening of short-term bullish momentum. The current price is running below several short-term moving averages and approaching the mid-term average (MA30), indicating that the market is gradually transitioning from a strong phase to a consolidation phase. Overall trading volume is insufficient, and the candlesticks are characterized by small bodies with upper and lower shadows, suggesting cautious market sentiment and a noticeable cooling of buying power compared to earlier periods.
If the price finds support above $92,000 and trading volume picks up, there is still a chance for renewed strength and a move toward the $93,500 resistance.

Crypto Market Overview
BTC (-0.87% | Current price 92,345 USDT): After a period of high-level consolidation, BTC has shifted to a weaker consolidation trend over the past 24 hours. The price has repeatedly encountered resistance and pulled back near $93,000, failing to achieve an effective breakout. At the same time, short-term moving averages (MA5, MA10, EMA9) have flattened or even slightly turned downward, indicating that short-term bullish momentum is weakening. The current price is running below several short-term moving averages and is approaching the mid-term moving average (MA30), showing that the market is gradually transitioning from a strong phase to a consolidation phase. Overall trading volume is insufficient, and the candlesticks are mainly small-bodied with upper and lower wicks, reflecting a cautious market sentiment and noticeably cooler buying power compared to previous periods.

Summary
SEC regulatory improvements and renewed expectations of interest rate cuts have spurred a V-shaped market rebound, with ETH leading strongly. Capital is expected to flow into DeFi, Layer2, and other Ethereum-related ecosystems.
The Ethereum Fusaka upgrade proceeded smoothly; Web3 project registrations in the Cayman Islands have surged; PayPal stablecoin PYUSD has grown significantly.
Kalshi and Polymarket saw nearly $10 billion in trading volume in November, setting a record for the strongest month.
The current market situation is not due to a real deterioration of fundamentals. The 401(k) pension plan guidelines to be released next year may allow allocation of cryptocurrencies in retirement markets.
ENA, LINEA and

Panorama of Crypto Assets
BTC (+1.63% | Current Price 93,452.5 USDT)
BTC experienced two phases in the past day: a strong rebound followed by consolidation at a high level. After hitting a low of $83,828 on December 2, the price began a strong V-shaped rebound, mainly driven by a shift in policy and macro expectations, including improved SEC regulatory outlook and renewed expectations for a Fed rate cut. After reaching a high of $94,189.8, the price entered a phase of high-level consolidation. Currently, the three moving averages show a standard bullish alignment of MA 5 > MA 10 > MA 30, and the overall trend remains bullish. As long as the price stays above the MA 30 and maintains the bullish alignment, the trend remains in an upward consolidation structure. After this high-level consolidation, another breakout attempt at $...

Crypto Market Overview
BTC (+0.25% | Current price 91,878 USDT): After completing its decline near $83,800, BTC began a gradual rebound on December 2, moving up to the $91,000–93,000 range, with a clearly strengthened short-term structure. In terms of moving averages, the MA5 and MA10 have quickly crossed above the MA30, forming a short-term bullish alignment, indicating that the market has entered a phase of rhythmic recovery after a sharp decline. Although the rebound is relatively steep, it has not yet broken through the resistance zone above $93,000. The price needs to consistently hold above $91,500–92,000 to consolidate the short-term bullish advantage. On December 2, the MACD showed a strong golden cross, with the red bars expanding significantly, indicating a substantial improvement in buying momentum compared to earlier. However, as it approaches the $93,000 high...

This report points out that x402 is elevating the semantics of the internet from “request-response” to the financial primitive of “request—on-chain settlement—revenue distribution,” enabling native settlement and revenue splitting capabilities for payments, and becoming the foundational execution layer for PayFi and the M2M (machine-to-machine) economy. In the past month, the x402 ecosystem recorded over 47 million transactions, but the average transaction value was less than $1, indicating rapid demand growth but still a significant gap from high-value commercial scenarios. In terms of market structure, the Base chain has long held over 60% of the transaction share, and leading institutions like Coinbase, Cloudflare, and Gate are driving its transition from the conceptual stage to infrastructure-level adoption. Short-term value is still driven by leading Facilitators, while long-term potential depends on whether x402 can build a cross-chain revenue settlement network to support scalable pay-per-use and machine economy applications. Overall, the outlook is neutral to optimistic, with structural value that can withstand market cycles, but it still requires time and engineering validation.

Panorama of Crypto Assets
BTC (+0.25% | Current Price 91,878 USDT)
After bottoming out near $83,800, BTC began a gradual rebound on December 2, rising to the $91,000–$93,000 range, with a clearly strengthening short-term structure. In terms of moving averages, the MA5 and MA10 have quickly crossed above the MA30, forming a short-term bullish alignment, indicating that the market has entered a rhythmic recovery phase after a sharp decline. Although the rebound slope is quite steep, BTC has not yet broken through the resistance zone above $93,000. The price needs to remain stable in the $91,500–$92,000 range to consolidate the short-term bullish advantage. The MACD showed a strong golden cross on December 2, with the red bars significantly expanding, indicating that buying momentum has greatly improved compared to earlier. However, as it approaches the $93,000 high

Options Market Update
Latest data shows that BTC's implied volatility is 48.6% and ETH's is 70%, both of which have declined compared to last week, reflecting a decrease in market expectations for future volatility.
In terms of skew structure, both BTC and ETH experienced a brief steepening of the 25-Delta Skew around December 1, with the 7D structure dropping to about -9 vol at one point, indicating a rise in short-term hedging demand. At the same time, BTC's long-term Skew steepened significantly, showing an increased willingness to hedge against medium- to long-term downside risks; in contrast, ETH's long-term structure remained relatively stable, with no simultaneous increase in demand for downside protection.
BTC

Last week, Bitcoin and Ethereum prices rebounded, breaking through $90,000 and $3,000 again, respectively. KAS had the largest rise, exceeding 27%. Starknet performed strongly, and the total value of Decentralized Finance increased. The report will provide an in-depth analysis of market trends and data to assist investment decisions.

crypto market panorama
BTC (-0.91% | Current Price 86,458 USDT): Market sentiment has turned cautious in the past 24 hours, leading to another wave of selling in crypto assets. After a pullback on Monday, Bitcoin further dropped below 84,000 USD on Tuesday, with a maximum single-day decline exceeding 6%. From a seasonal perspective, the last month of the year is often influenced by retail caution and institutional window dressing, resulting in typically weak December market performance. Meanwhile, the recent signals from Japan regarding mis-timed interest rate hikes have raised concerns about a potential collapse of yen carry trades, further suppressing global risk asset sentiment, including crypto assets. In the short term, structural headwinds may persist until interest rate cuts are genuinely implemented. Technically, 80,000 USD remains a key support level; if BTC can stabilize above 85,000, it may have a chance to retest the 90,000 USD resistance level.

crypto market panorama
BTC (-4.04% | Current price 87,405 USDT): After a long period of sideways consolidation, BTC experienced a sharp drop in the high zone (around 91,000 USD), with a single large bearish candle breaking through the 5/10/30 hour moving averages, forming a rapid decline structure, hitting a low of 86,317 USD, confirming that the short-term trend has shifted from consolidation to downward. Whether it can return to the 88,600–89,000 USD range will be crucial; if it cannot recover, this area will turn into a new short pressure zone. Whether the lows continue to move lower is still uncertain; if it breaks below 86,300 USD, it may open up further retracement space. On November 28, BTC ETF had a net outflow of 71.4 million USD in a single day, with BlackRock's IBIT seeing an outflow of 113 million USD and Fidelity's FBTC seeing an inflow of 7,750.

encryption asset panorama
BTC（ -4.04% 丨 Current Price 87,405 USDT）
After a long period of consolidation, BTC experienced a significant drop in the high price range (around $91,000), with a single large bearish candle breaking through the 5/10/30-hour moving averages, creating a rapid downward structure, with a minimum touching $86,317, confirming that the short-term trend has shifted from consolidation to downward. The three moving averages have shown accelerated downward pressure and formed a bearish arrangement, indicating that short-term selling pressure is dominant.
In terms of morphology, this decline is large in magnitude and rapid in speed, characteristic of a typical "breakdown type decline," indicating that the support of the previous sideways range has been completely breached. Although the lower shadow shows some support at low levels, the rebound is limited, insufficient to rebuild the short-term structure.
The two key signals to watch for are: whether it can return to the $88,600–89,000 range (MA5

crypto market panorama
BTC (0.32% | Current Price 91,028 USDT): After several days of wide fluctuations, the BTC price showed a significant increase with volume on the 27th, briefly rising to around 91,942 US dollars, refreshing recent highs. The short-term moving averages (MA5, MA10) have shown a bullish arrangement after a rapid rise, with the price strongly breaking away from the dense area of moving averages in a short time and stabilizing above MA30, indicating that bullish momentum continues to dominate in the short term. In the subsequent trend, BTC experienced a slight pullback after being pressured at high levels, but overall it still maintained a consolidation above 91,000 US dollars. During the pullback, the trading volume did not significantly increase, indicating that selling pressure is relatively limited, and more reflects a structure of high-level consolidation and digestion.
ETH (-2.19% | Current price 3,000 USDT): ETH has experienced several days of fluctuations.

encryption market overview
According to CoinGecko data, from November 11 to November 24, 2025, global risk assets weakened under the impact of macro factors such as concerns over a "bubble" in the AI sector, stronger-than-expected employment data, and a sharp downward revision of interest rate cut expectations, causing pressure on the encryption market. In terms of market performance, BTC and ETH saw a rebound in low-level recovery from November 19 to 20 after a continuous decline, rising to $86,600 and the range of $2,780 to $2,820, respectively, but overall they remain in a volatile bottoming pattern; some tokens performed well against the trend, showing bright performance. 【1】
In terms of ecology and news, Arbitrum continues to attract incremental funds, while ecosystems such as Solana and Base, which are in the repair phase, are gradually warming up, along with the Ethereum mainnet and Hyperliquid.

encryption asset panorama
BTC (+3.24% | Current Price 90,483.1 USDT)
BTC strongly broke through the small fluctuation range of 87,000-88,000 USD on the morning of the 27th, quickly rising to over 90,000 USD, with an increase of over 3%. At the same time, the MA5 turned sharply upward and crossed the MA10 and MA30; the MA10 also followed upward, forming a short-term bullish arrangement; the MA30 began to slowly turn upward, confirming the strengthening trend. Currently, all three lines show a bullish divergence structure, with MA30 ≈ 88,000 million USD forming a key support for the short to medium term. If it falls below this level, the short-term upward trend will end; however, as market sentiment recovers, BTC is expected to have a high probability of challenging above 92,000 USD.

Abstract
BTC and ETH have respectively returned to the key levels of $90,000 and $3,000, market sentiment has clearly recovered, and there are signs of capital rotation in multiple sectors such as platform tokens, public chains, and Meme.
S&P has downgraded the stability rating of USDT to "Weak"; the Cosmos community has initiated research on the new tokenomics for ATOM; Ethereum co-founder Vitalik has called for donations for privacy communication.
Plasma token has dropped 90% from its early peak, and the project has yet to fulfill its grand vision, becoming one of the most representative cases of new coin listing failures in recent times.
benefiting from investors' interest in

The implied volatility of BTC and ETH remains high, reflecting strong market expectations for fluctuation. Block trading is primarily leaning towards a neutral bullish stance, and the options trading for BTC and ETH shows that investors are optimistic about the year-end market. Gate platform has launched a fee discount activity to enhance trading liquidity and participation.

crypto market panorama
BTC (+0.57% | Current price 89,226 USDT): After receiving support around 86,000 USD, BTC has slightly rebounded to the 88,000–89,000 USD range along with the overall market, and the short-term structure is gradually stabilizing. In terms of moving averages, MA5 and MA10 are steadily operating above MA30, indicating that the price is maintaining a mild recovery pace, but overall still lacks clear trend breakthrough signals. It is necessary to observe whether the price can continuously stay above 88,000 USD to strengthen the rebound momentum. The MACD red bar significantly expanded on the 25th but subsequently gradually converged, indicating that although short-term buying pressure has increased, the market's willingness to chase prices remains limited. If BTC can stabilize above 87,500–88,000 USD, then the upward oscillation structure can continue; if it falls below 87,000 USD, it may once again.