Bitcoin Price Today Near $87K as November Crash Deepens — Will BTC Find a Bottom on 26 November 2025?

Meta description: Bitcoin (BTC) is trading around $87,000 on Wednesday, 26 November 2025, after a brutal 30% pullback from last month’s record highs. Here’s what’s driving today’s BTC price, the key levels to watch, and how whales, ETFs and macro forces are shaping the next move.

Bitcoin price today at a glance (26 November 2025)

Bitcoin (BTC) is hovering just under the $87,000 mark on Wednesday, 26 November 2025, slipping slightly on the day and pausing after a sharp rebound from this month’s lows. Data from major exchanges shows BTC trading around $86,800–$87,000, with today’s range roughly between $86,700 and $88,200. ^[1]

On a daily basis, Bitcoin is down about 0.5% versus yesterday’s close near $87,300, according to Coinbase Pro and other USD trading pairs. ^[2] Over the last week, BTC has lost roughly 5% and now sits about 30–36% below its early‑October all‑time high, depending on the reference exchange. ^[3]

On the macro side:

Market cap: About €1.51 trillion (≈$1.6T), with Bitcoin still commanding around 60% of the total crypto market cap. ^[4]
24‑hour volume: Roughly €53 billion in BTC trading volume across major venues. ^[5]
Drawdown from ATH: Coinbase data shows BTC’s euro‑denominated price down about 31% from its October peak (~€109,000), echoing broader coverage that the asset has dropped more than 30% from record highs in just a few weeks. ^[6]

In short: Bitcoin is stabilising above the mid‑$80,000s but still trading inside a deep correction that has turned what is usually one of its strongest months into one of the ugliest in recent memory.

November’s “favorite month” turns into a crash

Historically, November has been Bitcoin’s star performer. Data compiled by CoinGlass and summarised by CoinCentral shows that November has delivered average gains of about 40.8% across past cycles. ^[7]

This year, that pattern has flipped on its head:

CoinCentral estimates Bitcoin is down about 20.6% so far in November, with BTC trading near $87,300 at the time of its analysis. ^[8]
Cointelegraph/TradingView notes that at around $87,500, Bitcoin is on track for its worst November since 2018and has been as much as 36% below October’s all‑time highs. ^[9]

A deeper look at the crash:

AInvest’s breakdown of the “November 2025 crash” estimates that Bitcoin plunged about 31%, falling from roughly $120,000 to a low near $82,000, wiping out around $40 billion of value and triggering ~$2 billion in leveraged liquidations in the process. ^[10]
The article pins the decline on a mix of hawkish Federal Reserve signals, rising U.S. bond yields, and lingering trust issues left over from the FTX collapse, which continue to weigh on sentiment whenever liquidity thins. ^[11]

Deutsche Bank analysts, quoted in a Business Insider piece, argue that this meltdown could be harder to recover from than previous crashes for two main reasons:

Stalling retail adoption – they estimate that crypto usage among retail traders has slipped from 17% in the summer to about 15% now, undermining the “belief‑driven” adoption that has historically powered Bitcoin bull markets. ^[12]
Institutional exposure via ETFs – with large pools of capital now holding BTC through spot ETFs launched in 2024, the same structures that helped fuel a 600% rally have also amplified the current 30%+ drawdown by accelerating selling and thinning order‑book liquidity when flows reverse. ^[13]

Another wrinkle: analysis from the Economic Times using Amberdata shows that nearly all of November’s cumulative losses have occurred during U.S. trading hours, while Asian sessions have been mostly flat and European hours only slightly negative. ^[14]

That pattern suggests Bitcoin is increasingly trading like a high‑beta tech stock, tied closely to U.S. equity sentiment, AI‑driven spending concerns and Fed policy expectations, rather than behaving as an entirely separate asset class.

Whales, ETFs and institutions: conflicting signals beneath the surface

Despite the headline “crash”, on‑chain and fund‑flow data paint a more nuanced picture of who’s selling — and who’s quietly buying.

Spot ETFs: from record outflows to tentative inflows

AInvest’s synthesis of multiple ETF data sources highlights a violent swing in flows: ^[15]

On 20 November, U.S. spot Bitcoin ETFs saw a record net outflow of about $903 million, their second‑worst day since launch in January 2024.
BlackRock’s flagship iShares Bitcoin Trust (IBIT) reportedly suffered a single‑day outflow near $523 million on 19 November, a sign of panicked de‑risking by some institutional holders. ^[16]
Yet by 25 November, flows had flipped modestly positive again, with about $129 million in net inflows, led by Fidelity’s FBTC with ~ $170.8 million of fresh capital. ^[17]

At the same time, AInvest estimates that the average cost basis for ETF investors has clustered around $89,600, meaning Bitcoin is now trading below where many ETF buyers got in — a potential setup for either capitulation or bargain hunting, depending on how sentiment evolves. ^[18]

Zooming out, CoinShares data summarised by Whale Alert shows that crypto investment products have seen about $1.94 billion in institutional outflows in a single week and roughly $4.92 billion over four consecutive weeks, the third‑largest withdrawal streak since 2018. Most of that came from Bitcoin funds (~$1.27B), though late‑week flows turned positive with $225M in BTC inflows on Friday, leaving year‑to‑date flows still strongly net positive at +$44.4B. ^[19]

BlackRock, Fidelity and Russia send a more bullish message

Not all the institutional news is gloomy. A 99Bitcoins market update on 26 November flags that:

BlackRock’s IBIT ETF has continued to see net inflows even during price “wobbles”, signalling that some large players are steadily accumulating rather than trying to time the exact bottom.
Fidelity’s FBTC inflows appear “stubborn and reassuring”, pointing to longer‑term institutional behaviour rather than short‑term dip trading.
JPMorgan analysts now describe Bitcoin as a “tradable macro instrument”, grouping it alongside bonds and FX in portfolio strategy discussions — a big step from the dismissive tone major banks took just a few years ago.
Meanwhile, Russia is shifting toward more inclusive crypto rules, widening access to crypto‑linked products through a tiered investor system instead of restricting them to “super‑qualified” investors only, potentially expanding the global addressable market for digital asset exposure. ^[20]

Whales: accumulation vs distribution

On‑chain data show a tug‑of‑war among large holders:

CoinCentral reports that the number of wallets holding at least 100 BTC has increased by about 0.47% (91 wallets) since 11 November, even as prices fell, suggesting that some deep‑pocketed players are using the downturn to quietly add to their stacks. ^[21]
AInvest’s analysis goes further, estimating that whale wallets have accumulated roughly 6% more BTC since late October, while transaction activity has stayed relatively stable — a sign that underlying network usage hasn’t collapsed with the price. ^[22]
In contrast, FX Leaders, citing CryptoQuant data, notes that mid‑sized whales holding 1,000–10,000 BTC are still net sellers, which may be capping the speed of any recovery and leaving the market vulnerable to another leg lower if fresh shocks hit. ^[23]

At the corporate level, the Financial Times reports that several publicly listed firms that hoarded crypto during the bull run are now offloading portions of their Bitcoin reserves as their share prices slide, contributing to broader crypto market pressure. At the same time, the largest corporate holder — long famous for its aggressive BTC strategy — is still buying into the decline, underscoring just how split big money is on what happens next. ^[24]

What’s driving Bitcoin price today?

Today’s relatively muted price action around $87K comes after a sharp rebound off last week’s lows near $80,600–$82,000 — and it’s being shaped by a mix of macro hopes, technical exhaustion and still‑fragile flows.

Fed rate‑cut optimism vs macro anxiety

A DailyForex note published today highlights that BTC/USD has climbed from a low of about 80,637 to around 87,500over the last several days, as traders “bought the dip” on growing expectations of further Federal Reserve rate cuts. ^[25]

Those expectations jumped after:

Comments from Fed officials including Christopher Waller and Mary Daly were interpreted as dovish.
A weak ADP employment report showing private‑sector job losses and a drop in consumer confidence, both of which reinforced the idea that the Fed may need to ease more aggressively. ^[26]

For risk assets like Bitcoin, lower rates typically translate into a weaker dollar and easier liquidity, which can support prices — at least in theory.

However, Deutsche Bank and other analysts warn that this time liquidity is thinner and adoption is wobbling, which might blunt the impact of rate cuts compared with earlier cycles. ^[27]

Technical fatigue after a rare “2‑sigma” liquidation

FX Leaders describes the November crash as a “2‑sigma long liquidation event” — one of those statistically rare wipeouts where over‑leveraged longs are force‑closed across derivatives exchanges. Bitcoin fell by roughly $24,000 in about ten days, hitting that seven‑month low near $82,000 on 21 November before bouncing. ^[28]

According to their read of the data:

The market now looks deeply oversold on multiple indicators, which often precedes at least a short‑term relief rally.
There appears to be some price support in the $78,000 zone, with volatility bands (such as Bollinger Bands) screaming “extreme low” territory. ^[29]

DailyForex adds that BTC/USD is now trading below both the 50‑day and 200‑day exponential moving averages, which formed a death‑cross pattern on 17 November — a classic medium‑term bearish signal. It also notes that the neckline of a double‑top pattern around $107,324 now looms overhead as a major resistance zone. ^[30]

CoinDesk echoes this focus on technicals, emphasizing that major moving averages have become “battlegrounds” where bulls and bears are fighting for control, with price hovering near $86,700–$87,000 as traders watch for confirmation of either a trend reversal or continuation lower. ^[31]

Fear & Greed, sentiment and the “Tinkerbell” problem

DailyForex notes that the Crypto Fear & Greed Index has plunged to its lowest reading of the year, typically a contrarian bullish signal as extreme fear often precedes rebounds. ^[32]

But Deutsche Bank’s “Tinkerbell effect” thesis complicates that simple contrarian read: if belief‑driven adoption is weakening — with retail crypto usage slipping to around 15% of traders — then “just believing” may no longer be enough in the short term, especially when institutional flows via ETFs can rapidly overwhelm spot buying. ^[33]

Key Bitcoin price levels to watch on 26 November 2025

Based on today’s data and this month’s trading range, here are the levels market participants are paying most attention to:

Immediate intraday levels

Support: $86,700–$86,900
Today’s lows across major spot markets sit in this area; a clean break and close below could open the door to a retest of lower November levels. ^[34]
Resistance: $88,000–$90,000
Multiple analyses — including AInvest and TradingView — flag this zone as a critical short‑term resistance band, where prior support from the October peak structure turned into resistance during the crash. A sustained reclaim would suggest the market is serious about building a base. ^[35]

Medium‑term supports from this month

$80,600–$82,000:
November’s intramonth low, identified by both DailyForex and FX Leaders, has become the line in the sand for bulls. A revisit could set up a double‑bottom structure — but a decisive break below would raise the risk of a deeper slide. ^[36]
$78,000:
FX Leaders highlights this region as a technical support zone where oversold conditions and volatility bands suggest price could try to stabilise if another wave of selling hits. ^[37]
$70,000–$80,000:
In the most cautious scenario, analysts warn of a “final leverage flush” that could drive Bitcoin into this range if remaining over‑leveraged positions are forced out. While this isn’t a base case for most, it’s a risk level many traders are factoring into their downside planning. ^[38]

Overhead resistance and macro trend lines

$100,000:
A major psychological level and former support; recovering and holding above six‑figure territory would be seen as a strong statement that the bull market remains intact. ^[39]
$107,000–$108,000:
DailyForex points to $107,324 — the neckline of a large double‑top pattern — as a structural resistance level now sitting well above spot price. Reclaiming this area would require a sustained shift in ETF flows and macro sentiment. ^[40]

Is Bitcoin bottoming — or is there more pain ahead?

Analysts and on‑chain watchers are far from unanimous, but most of the serious commentary today clusters around three broad possibilities.

1. Bottoming zone around $84K–$86K

AInvest argues that the $84,000–$86,000 region could mark a new bull‑market bottom, pointing out that: ^[41]

The 31% drawdown from October’s high is more in line with mid‑cycle corrections than with the brutal 70–80% bear‑market collapses of 2018 or 2022.
Whale accumulation (+6% BTC), stable transaction volumes and persistent ETF interest from players like BlackRock and Fidelity all suggest that long‑term conviction remains intact even as leveraged and retail traders capitulate.

Cointelegraph’s AI‑driven modelling further suggests that a local bottom might form this week, with historical patterns showing that Decembers following a “red November” often echo the same overall trend — implying that a stabilisation here could set the stage for a cautious recovery into year‑end. ^[42]

2. Extended sideways chop under $90K

Another camp, including several technical analysts cited by CoinDesk and DailyForex, expects prolonged consolidation between roughly $80K and $95K, driven by: ^[43]

Overhang from ETF investors sitting at a higher cost basis (~$89,600) who may sell into rallies to break even. ^[44]
Persistent distribution from 1,000–10,000 BTC whales, which can absorb and mute the impact of smaller buyers. ^[45]
A macro backdrop where rate‑cut hopes are offset by slower adoption and regulatory uncertainty, preventing a clean trend in either direction. ^[46]

In this view, volatility remains high, but direction remains unclear until one side — ETF inflows or ETF outflows — dominates for more than a few sessions in a row.

3. Bearish “final flush” toward $70K–$80K

The most bearish scenario revolves around a second liquidation wave:

FX Leaders’ “final leverage flush” thesis warns that remaining leveraged longs could still be forced out, sending BTC into the $70K–$80K range before a durable bottom forms. ^[47]
Deutsche Bank’s warning about thinning liquidity and stalling adoption supports the idea that recoveries may be slower and more fragile than in earlier cycles, making sharp downside spikes more likely if macro data or regulatory headlines surprise negatively. ^[48]

Even in that scenario, many institutional and long‑term analysts — including those cited by AInvest and several brokerage notes — still frame the move as a correction within a larger multi‑year bull market, not the beginning of a permanent structural decline. ^[49]

What today’s Bitcoin price means for individual investors

For everyday traders and long‑term holders, today’s ~$87K price tag sits at the crossroads of fear and opportunity:

On one hand, Bitcoin is down more than 30% from its October record, it has just posted its worst November since 2018, and key indicators like ETF flows and adoption metrics show clear signs of stress. ^[50]
On the other, institutional interest has not disappeared — BlackRock, Fidelity and even some U.S. states continue to add exposure via spot ETFs, while various on‑chain metrics show whales accumulating and network usage holding up. ^[51]

If you’re following the market, a few practical, non‑advice takeaways for a day like today:

Expect volatility. Moves of 5–10% in either direction remain entirely possible over short timeframes.
Watch the $80K–$82K floor and the $88K–$90K ceiling. A clean break on either side with volume may provide the next big directional clue. ^[52]
Pay attention to ETF flows and U.S. trading hours. Recent data show that most of the month’s damage has come during U.S. sessions and during periods of heavy ETF outflows, making those two variables especially important for intraday risk management. ^[53]

And as always: nothing here is financial or investment advice. Bitcoin remains a highly speculative, volatile asset. Before making any decision, it’s crucial to do your own research, consider your risk tolerance and, if needed, consult a qualified financial professional.

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