Key takeaways
- BTC fell below $86,000 on Monday, primarily due to macroeconomic pressure.
- The leading cryptocurrency could retest the $80,000 low if the bearish trend continues.
BTC slips below $86,000
Bitcoin, the largest cryptocurrency by market capitalization, started December on the back foot, sliding more than 5% over the past 24 hours. At the time of writing, BTC is trading just above $86,000 after briefly dipping into the $85,000 area earlier today.
The weakness has spread to altcoins as well: Ether is trading below $2,800 while XRP remains above $2.00.
The recent sell-off followed remarks from Bank of Japan (BoJ) Governor Kazuo Ueda, who indicated that the bank may consider raising interest rates if the economy continues to evolve as expected. A rate increase could raise borrowing costs and put pressure on carry trades, weighing on risk assets like cryptocurrencies.
Adding to the downside, a hack of the Yearn Finance protocol earlier today intensified selling across Bitcoin and the broader market. The latest move erased more than $140 billion from crypto market capitalization over the past 24 hours and triggered liquidations that included a leveraged position of roughly $500 million.
JUST IN: $140,000,000,000 was wiped from crypto market capitalization in the last 4 hours. pic.twitter.com/c32OHlyafS
— Watcher.Guru (@WatcherGuru) Dec 1, 2025
Bitcoin under renewed pressure
The daily BTC/USD chart remains bearish and decisive after Bitcoin lost roughly 5% of its value in recent hours. BTC is trading just above $86,000 as daily, weekly, and monthly candles continue to reflect a downside bias.
The daily RSI reads around 32 and is moving back toward oversold territory after a brief recovery recorded last week. If the daily RSI falls and stays below 30, Bitcoin may face further declines in the short term.
Additionally, the moving average convergence divergence (MACD) has flipped to bearish momentum, and a sell signal occurred several hours ago.
If selling continues, bears could target support near $80,600 in the near term. Failure to defend that level could open the door for Bitcoin to revisit the April 7 low around $74,508.
Conversely, if buyers regain control, Bitcoin could rally toward $90,000 within the coming hours or days.