Key Takeaways
- BTC fell about 7% over the past 24 hours and is currently trading around $81,000 per coin.
- If the downtrend continues, the leading cryptocurrency could slide toward the $80,000 level.
BTC Continues to Underperform
The cryptocurrency market has remained weak in November. Bitcoin recently lost roughly 9.6% of its value in a 24-hour period and briefly dropped below $82,000.
This downward move comes amid a broad market sell-off. Analysts at JPMorgan, led by managing director Nikolaos Panigirtzoglou, noted in a report earlier this week that the ongoing liquidation appears to be driven primarily by retail flows into spot Bitcoin and Ether ETFs rather than native crypto traders. The team added:
“While native crypto investors were responsible for the October correction through heavy deleveraging in perpetual futures, that earlier delevering in perpetual futures appears to have stabilized in November. Instead, non-crypto investors—mainly retail investors who typically access the crypto market through spot Bitcoin and Ethereum ETFs—appear largely responsible for the continuation of the cryptocurrency market correction in November.”
The decline has weighed on altcoins as well, with Ether, XRP and other major tokens trading lower.
Bitcoin Drops Below $82,000
The daily BTC/USD chart is bearish and weak, as Bitcoin lost about 10% of its value over the past 24 hours. BTC started the week with bearish momentum, extending the decline by around 2% and closing below the 61.8% Fibonacci retracement level near $94,253.
Support at $90,000 failed to hold on Wednesday, and Bitcoin has since dropped another 10%. At the time of writing on Friday, BTC is trading near $83,400.
The Relative Strength Index (RSI) on the daily chart sits around 22, indicating strong bearish momentum and oversold conditions for the leading cryptocurrency. The MACD lines are also sharply bearish.
If the sell-off persists and Bitcoin closes a daily candle below the $85,000 support, the decline could extend toward the psychologically important $80,000 level.
Conversely, if the $85,000 support holds in the short term, BTC might stabilize and face the next key resistance near $90,000.