Analyst Michaël van de Poppe states that the crucial factor is whether Ethereum (ETH) can maintain its current trading range and experience a rebound.
The primary question for the upcoming weeks is whether $ETH will find support here and bounce back up.
If that's the case, then it would mean that $ETH will outperform $BTC.
If not, we'll probably see significantly lower numbers for the entire market. pic.twitter.com/0Q7WZNjkoJ
— Michaël van de Poppe (@CryptoMichNL) November 24, 2025
A recovery from current price levels could initiate a period where ETH outperforms Bitcoin. Conversely, a failure to hold this support zone might lead to a broader market decline.
Bitcoin Stabilizes, But Trend Depends on Key Levels
Bitcoin is also positioned at a critical support area. Van de Poppe anticipates that Bitcoin (BTC) will consolidate around its present price range. Ideally, he expects BTC to revisit the $85,500 level to close the CME gap, before attempting to advance towards the 20-day moving average, which is situated around $95,000.
It's very likely that $BTC will stabilize and consolidate around this area.
Preferably I'd like to see a test at the $85.5K area to close the CME gap and then towards the 20-Day MA at $95K. pic.twitter.com/Z0rc8Atsmn
— Michaël van de Poppe (@CryptoMichNL) November 24, 2025
If buyers are unable to defend this support level, market sentiment could rapidly shift, potentially intensifying bearish momentum across the entire market.
Record-Low Exchange Reserves Signal Long-Term Accumulation
On-chain data reveals a different perspective beneath the surface-level volatility. Crypto Rover points out that, according to data from CryptoQuant, Bitcoin exchange reserves have fallen to new historic lows.
🚨 Bitcoin exchange reserves have dropped to new record lows! pic.twitter.com/OgUImK1Oor
— Crypto Rover (@cryptorover) November 24, 2025
As the amount of BTC held on centralized exchanges continues to decrease, the available supply is shrinking. This pattern is frequently associated with long-term accumulation rather than active distribution.
Market Outlook Hinges on the Next Move
With both Ethereum and Bitcoin positioned at critical junctures, traders, institutional investors, and long-term holders are closely monitoring the same inflection points. A strong upward movement could reignite positive market sentiment and drive new momentum in altcoins. However, a breakdown below these support levels risks triggering another wave of selling pressure and extending a corrective phase throughout the cryptocurrency market.

