Fear and panic: Bitcoin has dropped below $85 000 for the first time since April.

In the last 24 hours, the price of the first cryptocurrency has dropped by more than 7% — at one point, digital gold fell to ~$82 000. This is the lowest level since April.
Ethereum quotes have dropped by 8.1% — to $2700.
All cryptocurrencies in the top 10 by market capitalization found themselves in the "red zone." The biggest losses were suffered by Solana ( - 8.7% over 24 hours ) and XRP ( - 7.9% ).
The liquidation volume exceeded $955 million. Most of it was attributed to long positions — $836 million.
November 2025 could be one of the worst months for digital gold. Since the beginning of the month, the asset has decreased by 21.6%. A similar trend is observed with Ethereum, which has fallen by more than 27% during the same period.
The popular market sentiment indicator remains in the "extreme fear" zone, signaling uncertainty and panic among investors.
Against the backdrop of another large-scale correction, spot Bitcoin ETFs lost $903 million — the second worst performance since the instrument's launch in 2024. The first anti-record was recorded in February, when outflows exceeded $1 billion.
On November 19, exchange-traded funds based on the first cryptocurrency attracted $75 million, breaking a five-day negative trend.

Ethereum-oriented products continue to register outflows for the eighth consecutive day. Over the past 24 hours, they lost $261 million.

Reasons for the fall

The Chief Investment Officer of Kronos Research, Vincent Liu, noted that the correction is related to stronger-than-expected employment data in the U.S. for September. It was supposed to be released in early October but was postponed due to the government shutdown.

The country saw the creation of 119,000 new jobs — the most significant jump since December. Unemployment increased by 4.4%. However, this is explained by the growth in labor market supply.

According to the expert, the report has lowered expectations for a rate cut by the Fed in December. The Federal Reserve will have to make decisions based on less relevant data — October and November statistics are missing.

"Liquidity remains low, and short-term profit-taking exacerbates the movement. The market is reassessing risks in response to macro data," Liu added in a comment.

Investors estimate the chances of a softening of the regulator's policy at 35.4%. In comparison, at the beginning of the month, this figure was 98%.
If the Federal Reserve refuses to lower the key interest rate, digital gold risks dropping to $60 000, analysts at XWIN Research believe.

However, LVRG's research director Nick Rook stated that the fall of the crypto market represents a "healthy recalibration" of excessively inflated positions that formed during the previous rally.

"Blockchain data shows a stabilization of selling pressure in the spot and futures markets — this indicates that the capitulation phase is nearly complete," he said.

The decline of the Nasdaq Composite index, which includes shares of major technology companies, has become another negative factor for the market. Despite Nvidia's strong quarterly report, the index dropped by 4%, prompting a capital outflow from risk assets.

Investors are concerned about the rapid rise in expenses in the field of artificial intelligence. Recently, many have pointed to signs of overheating in this segment. Billionaire Ray Dalio stated in a CNBC comment that the market is not yet on the verge of collapse, but is already "on bubble territory."

According to analysts at JPMorgan, the correction is mainly caused by sales from retail investors who are using spot Bitcoin and Ethereum ETFs.

"If in October the market decline was the result of active deleveraging by crypto traders through perpetual contracts, then in November this process has completed. The further decline was provoked by traditional investors, mainly retail ones, who use spot exchange-traded funds to enter the crypto market," said Nikos Panigertoglou.

The best thing that could happen to Bitcoin

Experienced trader Peter Brandt stated that the first cryptocurrency will not reach the mark of $200 000 by the end of the year. The expert believes that it will take at least four years for this to happen.

"The next Bitcoin bull market should drive the price up to $200 000. This will happen around the third quarter of 2029," he wrote.

The trader also called the current correction healthy for the market:

"This sale is the best thing that could happen to Bitcoin."

Brandt's forecast contrasts with the expectations of many influential supporters of digital gold. Co-founder of Bi..EX Arthur Hayes and head of Bit..ne Tom Lee, for example, expect Bitcoin to break $200 000 by the end of 2025.

Let us remind you that Glassnode specialists named the confirmation level of the bear market phase.

Earlier, they stated that bulls need to return the price of the first cryptocurrency to a level where 75% of coins will be profitable as soon as possible — only this has historically stopped the trend reversal.