Short-term holders are realizing losses again, and the pressure shows in the data. STH SOPR fell to around 0.94 and Bitcoin traded around $85,550 to $85,680. These numbers mean that many recent buyers have sold for less than they paid. The market often reacts to that kind of selling with sharp moves. In some cases, prices recover. In other cases, the slide continues.
History shows deep SOPR lows during major corrections.
If you look at past movements, there are patterns in the market. According to the report, the SOPR lows for key correction periods were close to 0.87 in early 2019 and around 0.88 to 0.90 in 2022-2023.
Since 2023, short holders have hit stress points three times: in August-September 2024 (STH SOPR around 0.98), in April 2025 (0.94), and now in November 2025 (0.94).
The decline reflects previous stress waves, according to the report. Traders remember that the capitulation of short-term owners often occurs months before consolidation takes place and regains strength.
BTC – Short-term holders gave up…
“There is a good chance of a bounce in the short term, but if it falls again and loses the $80,000 mark, there is a much higher chance that we will be in for much tougher times.” – by @DanCoinInvestor pic.twitter.com/VZ1M2MnvaO
— CryptoQuant.com (@cryptoQuant_com) November 24, 2025
Key on-chain and market signals point in both directions.
CryptoQuant’s broad readings are mixed and some are worrying. Bull Score Index is 20. Bitcoin fell below its 365-day moving average. The report warns that a decline below $80,000 would likely result in a longer and more difficult recession.
At the same time, the recent decline leaves BTC about 32% away from its all-time highs hit in early October, after falling about 10% over the past week. Analysts now watch those levels closely for clues.
Focus on liquidity and clearing
The liquidation map shows high short-term exposure between $87K and $95K. According to data cited by Ash Crypto and Coinglass, a 15% price rise could result in the liquidation of shorts worth up to $8.5 billion.
This creates the potential for a sharp upside if buys outweigh sell bets. Analysts have highlighted a downward resistance level that Bitcoin must clear.
Analysts say a successful breakout could lead to a 10-12% rise to around $96,500. In other words, just one strong movement can turn pressure into momentum.
🚨If Bitcoin rises 15%, over $8.5 billion in short selling will be liquidated. pic.twitter.com/F9FcqhVyTl
— Ash Crypto (@AshCrypto) November 23, 2025
Two ways the next step can take place.
Market participants are examining two basic scenarios. One is that this sell-off marks the final stage of the mid-cycle correction, followed by accumulation and recovery.
Another view is that these losses are the beginning of deeper market changes that will take longer to recover from. According to the report, some analysts believe a serious 70% collapse from all-time highs is unlikely, but the risk cannot be ignored if support fails.
An important crossroads for Bitcoin
Currently, Bitcoin is at a clear inflection point. Short-term coins have again been sold at losses, liquidity clusters near the $87K to $95K band and key indicators indicate stress.
Traders and institutions will decide the next big move for Bitcoin, either by driving the price higher through liquidations or lowering the price if demand remains weak.
Featured image from Unsplash, chart from TradingView
editing process for focuses on providing thoroughly researched, accurate, and unbiased content. We adhere to strict sourcing standards and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of the content for readers.
