Bitcoin fell approximately 18% throughout November, trading below $91,000 as the month neared its close. The decline represents one of the steepest November losses in recent years, approaching the 17% drop recorded in November 2019, according to CoinGlass. Some analysts view the pullback as a market reset that has eliminated overleveraged positions.

Bitcoin's current market behavior resembles the extreme risk-reward environment seen in early 2020, according to André Dragosch, head of research at Bitwise Europe. The asset is pricing in a recession-like scenario following recent declines and liquidations, he argues. Dragosch expects global growth may rebound as past monetary stimulus circulates through the system.

Bitcoin fell more than 20% over the past month to reach $80,000, its lowest level in seven months. The cryptocurrency has dropped over 40% from its early October peak above $126,000, marking November as its worst monthly performance since June 2022. Institutional investors including ARK Invest continue accumulating positions despite ongoing volatility.

BlackRock received 4,044 BTC valued at $354 million and 80,121 ETH worth $235 million from Coinbase, data show. The transfers represent ETF redemptions as market makers completed withdrawal processes, marking capital exiting the fund structure rather than institutional buying. Bitcoin traded near $90,898 while Ethereum remained above $3,000 during the transfers.

Former BitMEX CEO Arthur Hayes stands by his $250,000 Bitcoin price forecast for year-end despite market skepticism. He identifies $80,600 as Bitcoin's recent bottom, with the asset currently trading at $90,864. Hayes cites anticipated Federal Reserve rate cuts and the conclusion of quantitative tightening as key catalysts for the projected 170% rally.

Bitcoin mining operations in China have recovered to approximately 14% of the global hashrate by October 2025, positioning the country as the third-largest mining hub behind the United States and Kazakhstan. The resurgence follows a nationwide cryptocurrency mining ban implemented in September 2021, when Chinese miners controlled roughly 65% of global Bitcoin computing power in 2020. CryptoQuant estimates the actual share may range between 15% and 20% of global capacity.

Bitcoin rose sharply to the $92,300–$92,500 range following aggressive buy-side activity totaling approximately $1 billion. Buy-side slippage of 163 BTC marked the largest buy-pressure event in several days, pushing spot prices from $91,740 to $92,315 almost instantly, according to CryptoQuant analyst Maartunn. The move bypassed typical gradual price progression as market orders consumed liquidity rapidly.

Weakening US employment indicators are reshaping expectations for economic growth, interest rate trajectories and market liquidity. These shifts are introducing fresh macro headwinds for Bitcoin and the broader digital asset sector. Traders are recalibrating risk exposure amid mixed labor signals as the unemployment rate climbs to multi-year highs and monthly payroll additions moderate from post-pandemic peaks.