Bitcoin price slips toward annual lows in November, other crypto tokens follow
The cryptocurrency market is showing fresh signs of frailty as Bitcoin edged down toward its lowest levels of the year this November, dragging several major altcoins in its wake. Bitcoin’s price dipped into the low-$80,000 range, erasing billions in market value within hours, while other leading tokens such as Ethereum, XRP, Binance Coin and Solana each posted drops in the range of about 20-30 percent. Market participants point to a combination of macroeconomic strain—particularly weaker U.S. hiring data and cautious central-bank commentary—and technical triggers such as options expiries and forced liquidations as catalysing the decline. While the key support around the $80,000 mark remains under scrutiny, many analysts believe we may see a rebound toward the $88,000–$90,000 zone if sentiment stabilises and liquidity returns.
The Key points
- Bitcoin slid as low as about $80,760 in 24 hours, losing over $2 billion in liquidations.
- Ethereum eased by roughly 29 percent, XRP by nearly 20 percent, Binance Coin by about 25 percent, and Solana by around 31 percent in the past month.
- Weak U.S. labour-market data undermined investor confidence in risk assets, including crypto.
- Dovish comments from the head of the Federal Reserve Bank of New York had a mixed effect, boosting some dips but failing to halt acceleration of the drop.
- A major options expiry added to volatility and triggered sizeable forced liquidations across crypto derivatives.
- Bitcoin’s previous low for the year was around the $75,000 level in April, making the current slide notable.
- Technical analysts note that breaking below key support zones has exposed Bitcoin to further downside risk.
- Some say if Bitcoin holds above $80,000, a rebound toward $88,000–$90,000 is still possible.
- The broader crypto market is tightly coupled with Bitcoin’s move, meaning altcoins often follow its lead.
- At-risk traders and leveraged positions have amplified the effect, making risk management more crucial as markets remain choppy.
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