Bitcoin has fallen sharply this month and is set to record one of its worst Novembers in years, leaving traders and fund managers weighing whether to buy or hold back.
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Based on the report, the token fell by around 18% in November and was trading below 91,000 dollars while the markets quieted down before the weekend.
Clearing the market opens the door for buyers
According to CoinGlassthis decline approaches the scale of losses seen in November 2019, when Bitcoin fell roughly 17%, and is a far cry from the sharp 35% drop in November 2018.
The reports revealed that some analysts see the decline as a market reset. Nick Ruck, director of research at LVRG, said over-leveraged positions and weak projects have largely been eliminated, which could give longer-term holders additional exposure at lower prices.
Technical levels take center stage
Traders closely monitor a pair of monthly closing levels. An analyst using CrediBull Crypto identified $93,400 and $102,400 as the two most relevant thresholds.
A close above $93,000 would be interpreted as a modest positive sign, the analyst said, while any monthly finish above $102,000 would be read as very bullish – although that may not happen before next month.
Bitcoin changed hands around $91,450 in mid-week trading, failing to break the resistance just below $92,000.
Cycle changes and institutional flows
Based on reports from industry sources, some market watchers think the pace of recovery has changed since the arrival of spot Bitcoin ETFs at the beginning of 2024
According to some analysts, institutional participation changed the timing and breadth of moves. This meant that profits that once accumulated at the end of the year could appear earlier.
Market experts pointed out that November is usually a strong month for Bitcoin and that a red November has often been followed by a red December in past years.
Stalemate between bulls and bears
Matrixport he described the market as a rare cul-de-sac zone where sentiment, positioning and macro cues converge. Reports suggest that Bitcoin surged above $91.8K during Thanksgiving, but the move did little to resolve the rift between bullish and bearish expectations.
📃#MatrixOnTarget Report – November 28, 2025 ⬇️
Is Bitcoin’s Thanksgiving Tailwind Enough for Christmas?#Matrixport #Bitcoin #BTC #Cryptomarkets#Feeling of the market #Volatility #OnchainData#FedWatch #Seasonality #Thanksgiving rally pic.twitter.com/CH39quX6Aa
— Matrixport Official (@Matrixport_EN) November 28, 2025
Liquidity has tightened, volatility has fallen, and downside protection requirements have faded. Glassnode added that realized losses have widened and futures markets are deleveraging, a sign that near-term sentiment is weak. That combination leaves the market stuck between a push towards $100k and a drop to $80k.
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Signs indicate a large movement, direction unknown
A bullish reversal occurred when Bitcoin briefly touched the $80k area, giving some traders hope for a rebound in the holiday season.
Others say weak demand and poor liquidity could push prices down before confidence returns. In both cases, the markets have quietly positioned themselves for a bigger move, even if no one can say for sure which way the move will go.
For now, Bitcoin is in a cautious environment. Investors and traders will monitor monthly closes, liquidity measures and option flows for clues.
The next clear signal could decide whether late buyers are rewarded — or sellers set a new range.
Featured image from Gemini, chart from TradingView
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