Bitcoin Holds Above $92,000, But Bears Have Not Left The Stage

Bitcoin is currently trading over $92,000, roughly where it stood a day ago. The move steadies nerves after heavy selling, and the Crypto Fear and Greed Index near 27 suggests tension has eased from last week’s trough.

The open question is: does this resilience mark a turn or only a pause inside a still-fragile drawdown?

Bitcoin Price (Source: CoinMarketCap)

Bitcoin & Market Structure Signs

A durable shift usually starts with stronger market plumbing rather than price alone. Order-book depth on the largest spot pairs needs to be rebuilt into and after the U.S. session, since firmer ladders reduce the impact of headline spikes and help produce cleaner closes.

Derivatives should align with that picture; funding that moderates without relying on squeezes, and a futures basis that drifts toward neutral, indicate leverage is resetting in a controlled way. Those conditions support rallies that persist across sessions because cash demand replaces one-off covering that stalls before the close.

Flows add a second layer of confirmation. A stretch of net creations for spot Bitcoin products points to fresh capital rather than recycling, a pattern that has coincided with steadier settlement during past recoveries.

Rising net stablecoin issuance offers further evidence that cash is returning, while flat supply often maps to bounces that fade.

Bitcoin is for everyone. https://t.co/Hdn2KvSrkH

— Strategy (@Strategy) December 3, 2025

Policy And Rotation Risks

Policy and the dollar still frame risk appetite across assets. Rising yields and a firm dollar have leaned on crypto during risk-off episodes, so relief in rates would remove a headwind. Central-bank calendars continue to matter for intraday tone even when crypto-specific news is quiet.

Rotation outside Bitcoin typically follows, not leads. Large-cap tokens tend to stabilize after Bitcoin depth improves and spot-product flows settle. When the leader’s order books remain thin, altcoins attract only tentative interest, and relative strength rarely lasts through regional handovers.

For now, holding above $92,000 trims immediate pressure and buys time. Clear evidence that a bear phase is ending would arrive together: deeper books through the U.S. close, steadier funding and basis, a run of spot-ETF creations, and an upswing in net stablecoin supply.

Without that mix, the market remains one adverse headline away from another test of support, and larger allocators are likely to stay cautious.