Key Takeaways
- BTC fell below $86,000 on Monday, primarily driven by macroeconomic pressure.
- The leading cryptocurrency could retest the $80k lows if the bearish trend persists.
BTC Falls Below $86,000
Bitcoin, the largest cryptocurrency by market capitalization, has started December on a bearish note, losing more than 5% of its value in the past 24 hours. At the time of writing, BTC is trading above $86,000 after briefly dipping into the $85,000 area earlier today.
The downtrend has also affected major altcoins: Ether is trading below $2,800 while XRP remains above $2.00.
This recent sell-off followed remarks from Bank of Japan (BoJ) Governor Kazuo Ueda indicating that rate hikes could be considered if the economy develops as expected. Higher rates would increase borrowing costs and could weigh on carry trades.
In addition, a hack of the Yearn Finance protocol earlier today added to the renewed pressure on Bitcoin and the broader crypto market. The latest sell-off erased more than $140 billion from the crypto market over the past 24 hours and triggered roughly $500 million in liquidations of leveraged positions.
JUST IN: $140,000,000,000 has left the crypto market in the last 4 hours. pic.twitter.com/c32OHlyafS
— Watcher.Guru (@WatcherGuru) December 1, 2025
Bitcoin Comes Under Renewed Pressure
The BTC/USD daily chart remains firmly bearish as Bitcoin shed 5% in recent hours. The coin is trading above $86k while daily, weekly and monthly candles all display a bearish bias.
The daily RSI sits around 32 and is turning down toward oversold territory after last week’s brief recovery. If the daily RSI drops below 30, Bitcoin could face further short-term declines.
The Moving Average Convergence Divergence (MACD) has also shifted into bearish momentum, displaying a sell signal hours ago.
If the sell-off continues, bears will likely aim for short-term support near $80,600. Failure to hold that level could open the door to a revisit of the earlier low around $74,508.
Conversely, if bulls stage a recovery, Bitcoin could rebound toward $90,000 in the coming hours or days.