Cryptocurrencies surged collectively, with Bitcoin breaking through the $91,000 mark. As of the latest update, Bitcoin was trading at $91,249.9 per coin, up 3.99%.

The broader cryptocurrency market also showed an upward trend. Ethereum (ETH) rose 2.61% to $3,047.69, while HYPE, BNB, and SOL gained 6.31%, 3.58%, and 2.43%, respectively.

According to Coinglass data, over 100,000 traders faced liquidations in the past 24 hours, totaling $277 million. Of this, long positions accounted for $77.953 million in liquidations, while short positions saw $200 million.

Analyst Axel Adler noted that Bitcoin long-term holders (LTH) are taking profits. In just the past two weeks (November 11–25), LTH sold over 800,000 Bitcoin, a drop of 5.54%. The supply held by long-term holders has significantly declined from a peak of 15.75 million Bitcoin to 13.6 million, the lowest level since the start of the current bull cycle. Adler pointed out that this pattern aligns with the "smart money" distribution phase often seen near market tops.

Recently, BitMine Chairman Tom Lee revised his Bitcoin forecast, suggesting it could rebound to $125,100 by year-end instead of his earlier $250,000 prediction. However, he remains optimistic, stating that "Bitcoin's best days are still ahead."

Mike Novogratz, founder of Galaxy Digital, believes Bitcoin could return to $100,000 by year-end but may face significant selling pressure. He also expects deeper market differentiation as crypto policies clarify and traditional financial giants enter the space, favoring tokens with real value.