Introduction

Bitcoin just capped its worst November performance since 2018, a brutal downturn that marks its most significant monthly loss in over three years. The price has plunged below the critical $90,000 threshold, sending a chill through digital asset markets as investors grapple with a potent mix of macroeconomic anxiety and sudden, massive coin movements.

What

In the early hours of November 18, 2025, Bitcoin's price continued its slide, cementing a monthly loss that erased a significant portion of its autumn gains and shattered market confidence.

Why

The sell-off isn't random; it's the result of a powerful convergence of factors. Firstly, a harsh 'risk-off' sentiment dominates the macro landscape. Stubbornly high interest rates and diminishing expectations for a near-term Federal Reserve rate cut are forcing investors to shed speculative assets. Secondly, market internals show signs of strain. Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, points to a combination of 'profit-taking, shrinking liquidity, and macro pressures,' noting that long-term holders have been selling into strength. This is compounded by a massive, unexpected supply-side shock: a wallet linked to the defunct exchange Mt. Gox just moved 10,608 BTC, worth approximately $956 million, unsettling a market already on edge.

Impact

The immediate impact is a sharp spike in fear and uncertainty, with Bitcoin's price breaking below key psychological and technical support levels. In the medium term, this sets the stage for heightened volatility; the thin liquidity means that even routine trades can trigger significant price swings, as noted by Presto Research's head of research, Peter Chung. Long-term, the 'digital gold' narrative is facing one of its toughest tests, with critics like Peter Schiff highlighting Bitcoin's recent underperformance against the traditional metal.

Action Steps

For traders and investors, this environment demands caution and strategic positioning.

  • Monitor Liquidity: Keep a close watch on order book depth and exchange inflows/outflows. The Coinbase Premium gap, now near yearly lows, is a key indicator of institutional sentiment.
  • Watch Macro Data: Upcoming inflation reports and Federal Reserve communications are now critical catalysts. Any sign of a more dovish stance could provide relief, while hawkish signals may deepen the sell-off.
  • Track Whale Wallets: Pay close attention to further movements from Mt. Gox-related addresses. Any large-scale transfers to exchange wallets could signal an intent to sell, adding further pressure.

Analyst Opinions

  • Jeff Mei (COO, BTSE): Mei argues that Bitcoin is still behaving like a classic risk-on asset. With high-flying AI valuations also coming under scrutiny and rate cuts in doubt, he believes a 'further decline in prices could be warranted' as the market recalibrates.
  • Alessio Quaglini (CEO, Hex): Quaglini warns that the correction may not be over, suggesting that if equities also begin to falter, Bitcoin 'could easily retest the low $70Ks, maybe briefly below,' indicating significant further downside potential.