Bitcoin exploded above $87,000 out of nowhere on a boring Sunday, shocking the entire market.
A few hours ago, King was stuck around $80,000 and looked as weak as the rest of the crypto sector.
More than $1 trillion has been wiped out of the cryptocurrency in the past nine days as Bitcoin plummeted to its lowest price since April, with the cryptocurrency on track to reach its worst levels since 2022 this month. Bitcoin is still down more than 33% from its early October peak of $126,000 and is deep in bear market territory.
Despite today’s rally, Bitcoin is still down about 10% for the year. Analysts have warned that more selling could push the stock toward its first annual loss since 2022. That’s why many traders reacted in disbelief to today’s stock price surge.
The market has been drowning in red candles all month, and most people were bracing for more pain, not a sudden $7,000 swing.
Analysts track downside pressure
Hyunsu Jung, who runs Hyperion DeFi, said today’s move does not change the overall picture. “It appears to be in the early stages of the sale process,” Chong said. “It’s difficult to attribute the selloff to a single factor,” he added, noting that the broad decline has hit both stocks and cryptocurrencies.
Jung said risk assets are being squeezed by several issues, including the “potential depletion of AI trade,” global interest rate uncertainty, major corporations such as Corporate Treasury, and most importantly, BlackRock shareholders constantly moving more cash out of crypto and into equities.
Jung also pointed out that technical weaknesses have increased since October. When Bitcoin rose earlier in the month, the RSI did not rise along with it. This suggested further downside. This warning unfolded when the coin broke through the $106,000 support level, triggering a massive sell-off.
Mr Chong said the pressure was due to “long-term investors exiting the market rather than short-term traders”. He said decline days continued to represent the strongest trading volumes in the second half of 2025, including a 4.4% decline that ranked among the busiest days of the quarter.
At the same time, Polymarket resurfaced an old meme tied to Adam Back’s famous 21 million BTC buy order. “Bitcoin cannot go to $0 as Adam Back has a buy order for 21 million Bitcoins at $0.01,” the platform posted.
British cryptographer and cypherpunk Adam led Blockstream and created Hashcash, which miners still use today. He predicts that Bitcoin could reach $500,000 to $1 million this cycle.
Traders focus on US spending data
Oleg Kalmanovich of Neomarket KZ said that unless upcoming US spending data gives the Federal Reserve a reason to cut interest rates, Bitcoin will not renew its early October highs. He told RBC that traders are currently awaiting the October retail sales report, which will be released on Nov. 25, and consumer spending data, which will be released the following day.
“If the numbers are lower than expected, the Fed could cut rates on December 10th, giving the market a chance to reverse and rebound,” Kalmanovic said.
But he also warned that if the data disappoints, pressure on cryptocurrencies will continue and a true recovery may not emerge until spring 2026.
Vasily Giriya, who runs GIS Mining, told RIA Novosti that demand for Bitcoin returned to $80,600, which triggered the slight recovery seen before today’s surge. But he cautioned that “it is premature to consider this move the start of a sustainable trend reversal.” Girija said the key short-term threshold is $87,000.
If prices fall below that level before U.S. stock trading opens on Monday, he believes it could be the beginning of a prolonged period of stagnation or what many are calling a crypto winter.
Girija said a speedy recovery would help avoid such an outcome. He said Bitcoin needs to rise to $93,000 by Monday for confidence to stabilize. He added that this correction level is enough to trigger a pullback from a technical perspective, but for now “traders are adopting a wait-and-see approach.”
Kalmanovic also said wealthy traders have been forced to adjust their portfolios towards the dollar, putting further pressure on Bitcoin as the market heads into another tense week.
