Bitcoin Consolidates at $91,000: Worst November in Seven Years

Bitcoin Loses Nearly 17 Percent in November

Bitcoin is facing its worst November in seven years. The leading cryptocurrency is currently trading at around $91,000, marking a monthly loss of approximately 16.9 percent ^[2]. This brings BTC closer to the losses recorded in November 2019, when the cryptocurrency dropped 17.3 percent ^[2].

The weakest November in Bitcoin's history remains 2018, when the cryptocurrency plummeted 36.5 percent during the brutal bear market following the 2017 peak ^[2]. Most recently, November 2022 ended in negative territory with a decline of 16.2 percent ^[2].

Analysts Expect Sticky Consolidation

Following the correction to $80,000, Bitcoin managed to stabilize above the $90,000 mark, but analysts are taking a sober view of near-term prospects. "Looking at upper resistance areas and expected capital inflows, the ceiling should be in the mid-$90,000 range," wrote QCP Capital ^[1].

Glassnode identified two immediate resistance clusters at $93,000 to $96,000 and $100,000 to $108,000, where "some resistance from recent buyers is typically expected" ^[1]. Polymarket traders see a possible upper level of at most $92,000 by month-end ^[1].

On the downside, $80,000 to $84,000 is emerging as a key support zone ^[1]. Given the expiration of $13.3 billion in Bitcoin options, many market participants expect heightened volatility within this range ^[1].

Critical Level at $93,000

Technical analysts are watching the monthly closing level particularly closely. "While November closes in red for crypto, capitulation signals an opportunity for savvy investors to re-enter," explained Nick Ruck, research director at LVRG, to Cointelegraph ^[2].

"Overleveraged participants and unsustainable projects have largely been flushed out, paving the way for new long-term holders to position themselves ahead of a promising new year," Ruck added ^[2].

Analyst "CrediBull Crypto" emphasized on X: "A closing price above $93,000 would be a positive sign" ^[2]. A close above $102,000 "would be incredibly bullish, but I think we may have to wait until next month for that" ^[2].

Historical Patterns Under Scrutiny

The current weakness has surprised many market participants, as November has historically been one of Bitcoin's strongest months. "Every time Bitcoin had a red November, December also ended in red," warned crypto educator Sumit Kapoor ^[2].

Justin d'Anethan, research lead at Arctic Digital, attributes the changed dynamics to the early introduction of spot Bitcoin ETFs in the U.S. in early 2024. "I view this as positive: it signals the dangerous 'this time is different' narrative, as institutions have finally entered in meaningful size and changed the pace, breadth, and timing of crypto price movements," he explained to Cointelegraph ^[2].

Meanwhile, gold is climbing toward new all-time highs ^[1], while Bitcoin struggles to maintain its position. The question of whether the cryptocurrency is missing out on the current gold rally is increasingly preoccupying both investors and analysts alike.