Key Takeaways
- BTC slipped below $86,000 on Monday largely due to macroeconomic pressure.
- If bearish momentum continues, the leading cryptocurrency could retest the $80,000 level.
BTC Drops Below $86,000
Bitcoin, the largest cryptocurrency by market capitalization, has started December on a bearish note, losing more than 5% of its value over the past 24 hours. At the time of writing, Bitcoin trades just above $86,000 after briefly dipping into the $85,000 range today.
The downturn has also weighed on altcoins, with Ether trading below $2,800 while XRP remains above $2.00.
The latest sell-off followed comments from Kazuo Ueda, Governor of the Bank of Japan (BoJ), who said that rate hikes could be considered if the economy progresses as expected. Higher interest rates would raise borrowing costs and could negatively impact carry trades.
In addition, a recent hack of the Yearn Finance protocol a few hours ago added further pressure across Bitcoin and the broader crypto market. The sell-off eliminated more than $140 billion from the crypto market in the last 24 hours, and roughly $500 million in leveraged positions were liquidated.
JUST IN: $140,000,000,000 wiped from crypto market cap in the last 4 hours. pic.twitter.com/c32OHlyafS
— Watcher.Guru (@WatcherGuru) Dec 1, 2025
Bitcoin Comes Under Further Pressure
The BTC/USD daily chart remains bearish and price action has turned decisive as Bitcoin lost about 5% in a matter of hours. The cryptocurrency trades above $86,000, with daily, weekly, and monthly candles all showing bearish bias.
The daily Relative Strength Index (RSI) sits near 32 and has turned down following last week’s brief rebound, moving toward oversold territory. If the daily RSI falls below 30, Bitcoin may face additional short-term downside.
Meanwhile, the Moving Average Convergence Divergence (MACD) has shifted to bearish momentum, with a sell signal appearing a few hours ago.
If the sell-off continues, bears are likely to target the $80,600 support level in the near term. Failure to defend that area could push Bitcoin back toward the $74,508 low recorded on April 7.
Conversely, if buyers regain control, Bitcoin could recover toward $90,000 in the coming hours or days.