Key Insights
- BTC has fallen about 7% in the past 24 hours and is currently trading near $81,000 per coin.
- If the downward trend continues, the leading cryptocurrency could slide toward the $80,000 level.
BTC continues to underperform
The cryptocurrency market has remained weak into November. Bitcoin has lost roughly 9.6% of its value over the last 24 hours and briefly dipped below $82,000.
This decline comes amid a broad market sell-off. JPMorgan analysts, led by Nikolaos Panigirtzoglou, noted in a report earlier this week that the current selling pressure appears to be driven primarily by retail outflows from spot Bitcoin and Ether ETFs rather than by crypto-native traders. Their analysis stated,
“While crypto-native investors were responsible for the cryptocurrency market correction in October through heavy deleveraging in perpetual futures, that earlier deleveraging in perpetual futures appears to have stabilized in November. Instead, non-crypto investors—mostly retail investors who typically use spot Bitcoin and Ethereum ETFs to gain exposure—appear to have been most responsible for the continued correction in November.”
The sell-off has also pressured altcoins, with Ether, XRP and other major cryptocurrencies losing ground.
Bitcoin drops below $82,000
The BTC/USD daily chart looks bearish as Bitcoin has given up around 10% of its value over the past 24 hours. BTC began the week lower, extended its decline by roughly 2%, and closed below the 61.8% Fibonacci retracement level at $94,253.
Support at $90,000 failed to hold midweek, and Bitcoin has fallen an additional 10% since then. At the time of writing on Friday, BTC is trading near $83,400.
The daily Relative Strength Index (RSI) sits around 22, signaling strong bearish momentum and oversold conditions for the leading cryptocurrency. MACD readings are also deeply negative at present.
If selling continues and Bitcoin closes the daily candle below the $85,000 support, the decline could extend toward the key psychological level of $80,000.
Conversely, if the $85,000 support holds in the short term, BTC could rebound and test the next major resistance near $90,000.