Bitcoin’s November Struggles: Potential for Further Declines if Key Support Isn’t Reclaimed

As Bitcoin (BTC) seeks to stabilize around the $88,000 mark, opinions within the market are split. Some analysts believe that recent lows might signal the bottom and a recovery could be on the way. Others caution that Bitcoin's troubles in November might persist unless certain price levels are maintained.

Key Takeaways

Bitcoin is trying to reclaim the $88,000 resistance but may face further declines if it fails to hold important support levels.
Analysts suggest that BTC is revisiting a key price zone between $82,500 and $93,000, which has historically provided support.
Market sentiment is cautious, with some experts predicting a potential dip below $80,000 if certain price thresholds aren’t met.
There are expectations that Bitcoin may not see new all-time highs until 2028, reflecting concerns about its historical price patterns.

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Bitcoin Attempts Recovery But Faces Challenges

On Monday, Bitcoin made efforts to recover from its recent dip, nearing a vital resistance point for the second day in a row. Throughout November, Bitcoin has faced challenges holding essential price levels due to the volatile nature of the crypto market, notably falling below the significant psychological barrier of $100,000 and trading at multi-month lows.

Last week, the price of BTC dropped below $90,000 for the first time since April, hitting a low of $80,600 on Friday. Over the weekend, Bitcoin's price stabilized, hovering between $84,000 and $87,000 before making a brief attempt to test the resistance at $88,000, only to be rejected.

Arthur Hayes, co-founder of the crypto exchange BitMEX, believes that Bitcoin's price will benefit from minor improvements in US liquidity trends. In a post on X, he predicted that Bitcoin could trade below $90,000 in the upcoming weeks, possibly dipping back down to $80,000 before stabilizing.

Similarly, analyst Rekt Capital highlighted that Bitcoin is revisiting a critical re-accumulation area between $82,500 and $93,000. This zone marks where Bitcoin consolidated at the beginning of 2025 after the loss of upper support.

"This is where Bitcoin built its base before reversing upward earlier in the cycle," noted Rekt Capital, emphasizing that it continues to define the lower boundary of the current market structure. These levels create a clear monthly range from $82,500 to $93,000, framing the overall context for this consolidation phase.

The analyst underscored that if Bitcoin's weekly close remains above $86,000, it aligns well with the critical monthly range. This stability could potentially help establish a new price floor between this level and the $93,000 resistance.

Rekt advised that investors need not worry if price fluctuations dip into the liquidity zone between $78,000 and $86,000, "as long as general stability persists" at the current levels.

Cautious Outlook for Bitcoin's Future

Market observer Ted Pillows pointed out that Bitcoin has struggled to reclaim local highs on both daily and weekly charts. He warned that if the $88,000 to $90,000 area cannot be established as strong support soon, Bitcoin’s price might drop towards a new monthly low below $80,000.

Meanwhile, Crypto Bullet expressed a bearish perspective on Bitcoin's price, predicting that BTC "will not reach a new all-time high until 2028," based on trends from historical data. He explained that if Bitcoin follows its typical four-year cycle, it may have reached its peak in October and is now entering a corrective phase.

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Crypto Bullet pointed out similarities between the current price action and the patterns observed in 2021-2022. Bitcoin has been oscillating within an ascending channel, climbing towards the upper boundary after testing the ascending support level.

However, upon retesting the channel's lower boundary again, Bitcoin's price rebounded to the mid-zone of the channel before being rejected at the 50-week moving average (MA), leading to a break in its multi-year trend.

As Bitcoin currently retests this ascending support, the analyst suggested that a price test of the $110,000 range might occur in the upcoming weeks before potentially retracing around 60% to the $40,000 range by 2026.

As of now, Bitcoin is trading at $88,692, reflecting a 2% increase within the daily timeframe.

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The current performance displayed on the one-week chart suggests cautious optimism, yet volatility remains a significant factor. Source: BTCUSDT on TradingView.