Bitcoin Price Today, November 28, 2025: BTC Holds Near $91K as Fed Hopes, ETF Flows and Upbit Hack Jostle the Market

Bitcoin (BTC) is trading around $91,200 on Friday, November 28, 2025, clinging to the psychologically important $90,000 zone after one of its ugliest months in years. At the time of writing, BTC is changing hands near $91,218, down about 0.2% over the past 24 hours, with an intraday range between roughly $90,476 and $91,886.

That modest daily move hides a brutal backdrop: from early‑October all‑time highs just above $126,000, Bitcoin has dropped roughly 30–31% at its November lows around $80,000, making this its worst month since 2019 by several measures. ^[1]

Key Takeaways on Bitcoin Price Today (28 November 2025)

BTC price today: Around $91,200, down about 0.2% on the day, trading in a tight range between $90.5K and $91.9K.
November damage: Bitcoin is still roughly 30% below its early‑October peak near $126K, after a drop to the $80–83K area earlier this month. ^[2]
Macro shift: Markets are now pricing an 80–85% chance of a U.S. Federal Reserve rate cut in December, giving BTC some macro tailwind after weeks of “higher for longer” fears. ^[3]
ETF flows and liquidity: Record billions in ETF outflows earlier in November have slowed, with modest spot Bitcoin ETF inflows returning this week, even as on‑chain data shows short‑term holder capitulation and “evaporating” liquidity. ^[4]
Risk headlines: A $30–37 million hack at South Korean exchange Upbit — where North Korea’s Lazarus Group is now suspected — and a renewed “altseason” narrative are adding to the complexity of today’s Bitcoin price action. ^[5]

Bitcoin Price Today: BTC Holds the $90K Handle

Across major venues, Bitcoin is trading just above the $91K mark, slightly below Thursday’s levels but still comfortably above the week’s key support zone in the high‑$80Ks. Data from global feeds show BTC/USD opened just above $91,000 and has since oscillated in a relatively narrow band. ^[6]

According to an Invezz analysis syndicated via CryptoRank, BTC “maintained a foothold” above the $88,500 support region, climbed over $91,000 and hit a weekly peak around $91,878 before easing back. During Asian trading hours, Bitcoin mostly traded between $90,600 and $91,400, with the broader crypto market cap hovering near $3.1 trillion. ^[7]

Relative to other major coins:

Ether (ETH) is trading around $3,000–3,060, modestly lower on the day. ^[8]
XRP is holding above $2.20, having recently reclaimed the $2 level with help from new spot XRP ETFs. ^[9]

In short: Bitcoin price today looks calm on the surface, but it’s floating on top of a month‑long storm.

From Record Highs to the Worst Month Since 2019

Zoom out, and November 2025 looks like a full‑blown mini‑crash.

Bitcoin’s October all‑time high was in the mid‑$120,000s, with multiple sources clustering around $125K–126K. ^[10]
In November, BTC slid as low as roughly $80K–82K, wiping out nearly $1 trillion in crypto market value and erasing most of 2025’s gains. ^[11]
CryptoRank’s performance data pegs this as Bitcoin’s worst November since 2019, with a monthly drawdown around 17% based on closing prices, on top of the larger 30% slide from the peak. ^[12]

The pain has been broad‑based:

The total crypto market cap has dropped from about $4.3 trillion to just under $3 trillion since early October. ^[13]
Ethereum is down roughly 38% from its early‑October levels, and Solana more than 40%, according to Economic Times coverage of the downturn. ^[14]

Yet even inside the wreckage, capital has been rotating rather than vanishing. A separate Economic Times deep‑dive notes that while Bitcoin is now down about 7% year‑to‑date, several altcoins — including Hyperliquid (HYPE), XRP, Kaspa (KAS), and Monad (MON) — have significantly outperformed in 2025, with HYPE up around 35% this year and some smaller tokens posting eye‑catching single‑day gains. ^[15]

That combination — BTC down hard, altcoins stealing the spotlight — sets the stage for today’s uneasy equilibrium near $91K.

What’s Moving Bitcoin Price Today?

Today’s Bitcoin price action sits at the intersection of three big forces: macro expectations, ETF flows, and market structure (including hacks and liquidity).

1. Macro: Fed Rate‑Cut Hopes Return

For most of November, Bitcoin bled lower as investors absorbed a “higher for longer” message from the U.S. Federal Reserve: stubborn 3% inflation, rising Treasury yields and a stronger dollar all weighed on risk assets. ^[16]

By late November, that narrative flipped:

Both AInvest and Investing.com report that futures markets now assign roughly an 80–85% probability to a Fed rate cut in December, up from around 30% just a week earlier. ^[17]
Dovish commentary from Fed officials and improving U.S. data helped spark a relief rally in risk assets, including Bitcoin, from the $80K region back toward — and now slightly above — $90K. ^[18]

Historically, lower rates and a softer dollar have tended to support Bitcoin, which many investors treat as a high‑beta macro asset rather than purely “digital gold”. Analysts at Investing.com frame the bounce as a “search for a bottom” within a still‑intact downtrend, warning that BTC needs to clear the $91K–$94.7K zone and eventually reclaim $100K to signal a genuine trend reversal. ^[19]

2. ETF Flows: From Capitulation to Cautious Accumulation

If 2024’s spot Bitcoin ETFs helped propel BTC to six‑figure prices, November reminded everyone that ETF flows can cut both ways.

Economic Times reports roughly $3.5 billion in Bitcoin ETF outflows this month — the heaviest since February — with one source highlighting about $3.79 billion in redemptions and BlackRock’s flagship IBIT product alone seeing around $2.47 billion in net selling. ^[20]
CoinShares data cited by Investing.com shows $1.94 billion leaving crypto investment products in a single week, including $1.27 billion from Bitcoin funds and a single‑day outflow of $523 million from IBIT. ^[21]

That’s the bearish side: institutional money was getting out, not piling in.

But the picture is no longer one‑way:

AInvest notes that ETF inflows resumed around November 22, with roughly $238 million flowing back into spot Bitcoin ETFs in a single day. ^[22]
Invezz’s latest update says spot Bitcoin ETFs recorded net inflows of around $21 million on November 26, led by $42.8 million into BlackRock’s IBIT, which now manages about $69.9 billion in Bitcoin. ^[23]

Net‑net, ETF flows have gone from forceful selling to tentative accumulation. If that accumulation broadens, it could become a tailwind for the BTC price into year‑end; if redemptions re‑accelerate, November’s lows could come back into play.

3. On‑Chain & Liquidity: Short‑Term Capitulation, Long‑Term Patience

On‑chain analytics paint a picture of a market that is hurting, but not dead.

Glassnode data cited by Invezz show the Short‑Term Holder (STH) Realized Profit/Loss Ratio — a gauge of how recent buyers are doing — has plunged to around 0.07, implying many new entrants have been selling at steep losses. ^[24]
By contrast, the Long‑Term Holder (LTH) Realized Profit/Loss Ratio is still elevated, near 400‑plus, suggesting long‑term liquidity remains structurally strong even as some older coins start moving. ^[25]

A parallel analysis from NewsBTC (via CryptoRank) argues that the recent 30%+ slide does not resemble a classic “cycle top” blow‑off: there was no mania in derivatives funding, no parabolic retail euphoria, and not much meme‑coin frenzy. Instead, the decline looks like demand dropping — stablecoin issuance has slowed, ETF inflows cooled, and derivatives open interest has unwound, leaving what one analyst calls a “fragile liquidity environment” where even mid‑sized orders can move the market by several percent. ^[26]

Regional coverage from Indonesian platform Pintu echoes this, describing “big sells” by long‑term holders as a sign of cycle fatigue, rather than euphoric topping. ^[27]

4. Security Shock: The Upbit Hack

Adding to the sense of fragility, South Korea’s largest crypto exchange Upbit was hit by a significant security breach this week:

On November 27, Upbit suspended deposits and withdrawals after detecting irregular activity in Solana‑based tokens, with unauthorized withdrawals estimated between 44.5 billion and 54 billion won — roughly $30–37 million, depending on the source and pricing. ^[28]
South Korean authorities now suspect the hack may be linked to North Korea’s Lazarus Group, a notorious state‑backed cyber unit also blamed for past crypto exploits. ^[29]
Upbit says it has fully reimbursed user funds, absorbing around 5.9 billion won as a corporate loss while covering some 38.6 billion won in customer assets from its reserves. ^[30]

The timing is awkward: the incident came just after Naver Financial agreed to acquire Upbit operator Dunamu in an all‑stock deal valued at roughly $10.3 billion, one of Asia’s biggest deals this year. ^[31]

For now, Bitcoin’s price has not shown a direct, lasting reaction to the Upbit hack. Still, the episode reinforces regulatory and counterparty risk, especially in Asia, and keeps security firmly on the checklist for institutions considering deeper crypto exposure.

Technical Picture: Key Bitcoin Levels to Watch

Short‑term, Bitcoin is stuck in a wide range between the mid‑$80Ks and mid‑$90Ks, with multiple analyses converging on similar support and resistance zones.

From today’s batch of reports:

Invezz puts nearby resistance at $91,200, then $92,000–$92,500, followed by potential targets around $93,750 and $94,500, with a stretch zone near $95,000–$95,500 if bulls really get traction. ^[32]
Pintu’s intraday technical update notes that BTC is trading above $90,500 and a key short‑term moving average, with upside resistance near $91,500 and $92,000, but highlights that failure to break above this area could send price back towards $89,750, $88,500 and even $85,000. ^[33]
A separate Pintu/NewsBTC analysis frames $89,000 as a major resistance band and $86,000 as a crucial support “box”; losing that box would open the door toward the low‑$82Ks and possibly a sweep of the $80,600 lows. ^[34]
Investing.com’s daily chart work emphasizes $85,250 as a critical downside threshold: sustained daily closes below that level could drag BTC back toward the $75,000–$78,000 support zone, while reclaiming and holding above $91K–$94.7K is needed to neutralize the current downtrend. ^[35]

In the more optimistic camp, some NewsBTC strategists talk about a potential “imbalance zone” near $98,000 that could be filled if the current rebound extends — but even they stress that such a scenario requires clean breaks above the mid‑$90Ks first. ^[36]

Bottom line: $89K–$92K is today’s battlefield. A decisive move above or below that band is likely to set the tone for how Bitcoin finishes 2025.

Narratives Colliding: Macro, Politics and “Altseason”

Bulls vs Bears: Is This Just a Relief Rally?

A CryptoRank‑hosted NewsBTC piece today captures the mood neatly: as BTC reclaims the $90K+ zone, analysts are split between those calling this a “relief rally before another leg down” and those arguing that the bull market remains intact despite a 30% correction. ^[37]

Bullish arguments point to the lack of classic bubble signatures (no retail mania spike, no meme‑coin explosion), still‑elevated long‑term holder profitability, and a macro backdrop that may shift decisively if the Fed actually cuts rates in December. Some longer‑horizon analyses suggest that, if ETF inflows resume and macro softens, Bitcoin could revisit $120,000 by mid‑2026 — but treat this as a scenario, not a guarantee. ^[38]
Bearish arguments focus on the record ETF redemptions, shrinking stablecoin market cap, and clear evidence that both short‑term and some long‑term holders have been offloading into weakness. Economic Times goes as far as to describe November as a “triple threat” of ETF selling, stablecoin drain and long‑term holder exits, warning that only short‑lived bounces may be on offer until new buyers step in. ^[39]

Politics Enters the Chat

Adding spice to the usual macro and on‑chain debate, Nobel laureate Paul Krugman argued in a widely‑shared Economic Times op‑ed today that the recent Bitcoin crash is tightly linked to President Donald Trump’s weakening political power. ^[40]

Krugman frames the drop from roughly $126K to the low‑$80Ks as part of an “unraveling of the Trump trade” — the idea that Bitcoin became a bet on Trump‑aligned policies, pro‑crypto regulation, and even his personal crypto holdings. As that perceived political inevitability fades, he suggests, so does some of Bitcoin’s speculative premium. ^[41]

Critics counter that this is reading too much politics into what on‑chain data, ETF flows and macro factors already explain: tighter monetary policy, profit‑taking after a huge rally, and liquidity compression. ^[42]

Either way, the fact that Bitcoin price today is being debated in the same breath as central‑bank policy, ETF statistics and U.S. electoral dynamics underscores how deeply the asset has been pulled into the mainstream economic narrative.

Altseason on the Edges

Meanwhile, parts of the market are whispering: “Is altseason back?”

Economic Times highlights several altcoins outperforming Bitcoin in 2025, including Hyperliquid, XRP, Kaspa and Monad, with:

Hyperliquid up nearly 1,000% since its November 2024 launch and about 35% in 2025 alone.
XRP back above $2 with roughly $650 million in inflows into new spot XRP ETFs since mid‑November.
Kaspa posting 20%+ daily gains as it breaks out of a multi‑month downtrend. ^[43]

That rotation doesn’t directly decide what Bitcoin price does today, but it matters: when traders believe they can get more upside in altcoins, some marginal demand shifts away from BTC, reinforcing the “cycle fatigue” seen in on‑chain data.

What Today’s Bitcoin Price Means for Investors

From a neutral, informational standpoint, here’s how to read Bitcoin’s ~$91K level today:

Short‑term traders are watching the $89K–$92K band closely. Breaks above $92K–$92.5K open the way toward $94K–$95K, while failure here risks a retest of $89K, $86K–$85K, and possibly the low‑$80Ks if macro or ETF flows sour again. ^[44]
Long‑term holders face a classic dilemma: a 31% correction has historically often been a mid‑cycle reset, but on‑chain and ETF data show the market is still fragile, not yet in a clear “value zone” consensus. Many institutional and retail investors are leaning on dollar‑cost averaging and diversification rather than all‑in bets at a single level. ^[45]
Risk management is front and center. Analysts from multiple outlets emphasize using well‑defined position sizing and stop‑losses, especially with liquidity thin enough that “medium‑sized orders” can move price several percent. ^[46]

Nothing in today’s data guarantees whether Bitcoin’s next big move is back toward $100K+ or down into the $70Ks. The key drivers to watch from here are:

Fed policy in December (does that widely‑expected rate cut actually happen, and how hawkish is the messaging?). ^[47]
Spot ETF flows (do modest inflows build into a new wave of demand, or do redemptions restart?). ^[48]
Security and regulatory headlines (like the Upbit hack) that can shift confidence in centralized venues and drive more capital into — or out of — the crypto ecosystem. ^[49]

As always, this coverage is informational, not investment advice. Bitcoin remains a highly volatile asset; any decision to buy, sell or hold should be based on your own research, objectives and risk tolerance.

I SOLD EVERYTHING.