On Wednesday, after two weeks of continuous falls, this digital asset suddenly returned to $90,000—some people began to wonder, has this round of decline really come to an end?

Yesterday afternoon, #数字货币市场回升 reached a peak of $90,334, and although it has since pulled back, it is currently stable around $90,035, having risen over 3% in the last 24 hours. However, before this round of rebound, the market had just experienced a "fresh in memory" blow: when it fell below $81,000 last weekend, all the gains since the beginning of 2025 were wiped out.

The peak of $126,080 in October is still fresh in memory, but now it has retreated nearly 29%. Why did it fall like this? Several factors are intertwined: the enthusiasm of institutional funds has waned, the Federal Reserve's next steps remain unclear, and market liquidity has noticeably shrunk. The cliff-like drop in October saw the liquidation of $19 billion in open contracts, causing significant damage to the entire market.

All eyes are now on the Federal Reserve—will there be a third interest rate cut this year in December? Low interest rates are usually favorable for digital assets, but this time the market's attitude is uncertain, and many are waiting to see.

Wednesday's surge is not a one-man show by $BTC . $BTC climbed to $3,022, $ETH stood above $143, and $SOL also rose by 2%-3%. The Thanksgiving holiday may cause some American investors to temporarily step back, but there is no such thing as a "market closure" in the crypto market.

The key question is: is this rebound a real sign of recovery, or just a technical pullback in a long-term downtrend? Will there be an opportunity to reach new highs before the end of the year? What do you think?