Bitcoin News Today: U.S. Bearishness Meets Asian Optimism as Bitcoin Tumbles Toward $85K

Bitcoin's price has plummeted to near $85,000 in early November 2025, marking a 7% decline in 24 hours and a 20% drop over the past month, according to CoinDesk data. The cryptocurrency's slide has been driven by a confluence of factors, including a surge in selling pressure from dormant wallets, shifting macroeconomic expectations, and a sharp rebalancing of derivatives positioning toward bearish bets. Analysts and market makers are warning that the market structure is deteriorating as year-end volatility looms.

The selling pressure has been amplified by a sudden influx of bitcoin from long-dormant wallets to centralized exchanges, with tens of thousands of coins-some inactive for years-entering the market. FlowDesk noted in a Telegram analysis that these flows have overwhelmed buyer demand, skewing spot trading heavily toward sellers. Deribet data further underscores the bearish sentiment, with put options now dominating over calls as traders hedge against further downside. The $85,000 put strike on Deribit alone holds $2.05 billion in open interest, surpassing the previously dominant $140,000 call strike.

Macro factors are compounding the bearish outlook. The Federal Reserve's shifting rate-cut expectations have spooked risk assets, with the probability of a December cut falling from over 60% to 43% in recent weeks. Meanwhile, tighter financial conditions and rising credit risks have pushed investors out of high-beta assets like crypto, as noted by BitBull Capital CEO DiPasquale. The market's liquidity has also deteriorated, making it harder to absorb large sell orders.

Regional dynamics are adding complexity to the narrative. While U.S. trading sessions have driven persistent sell-offs, Asian markets have become a stabilizing force, buying dips and supporting price recoveries. This divergence highlights contrasting risk appetites, with U.S. institutional investors turning bearish-evidenced by the Coinbase Premium Index's prolonged negative territory-while Asian traders treat the decline as a buying opportunity. On-chain analyst Ki Young Ju suggested that Bitcoin's bull cycle effectively ended in 2024, with institutional absorption creating a de facto floor near $56,000.

The market's fear gauge has reached extreme levels. The Crypto Fear & Greed Index hit 9, its lowest since July 2022, amid $565 million in 24-hour liquidations. Short-term holders have been the primary sellers, dumping coins at a loss as the Spent Output Profit Ratio dipped below 1 multiple times. Despite this, the Realized Cap metric indicates new capital continues to flow into the market, with ETF holders averaging a cost basis of $86,680 https://crypto.news/crypto-fear-and-greed-index-2022-lows/.

Technical analysts are divided on the path forward. Some, like Cas Abbé, draw parallels to the Q1 2025 bullish reversal pattern, suggesting a consolidation phase between $85,000 and $100,000 could precede a retest of higher levels https://cointelegraph.com/news/bitcoin-stocks-crumble-after-nvidia-earnings-and-fed-uncertainty-over-next-rate-cut. Others warn of a deeper correction, with one analyst flagging a potential breakdown to $30,000 if the current descending wedge pattern holds https://cointelegraph.com/news/bitcoin-stocks-crumble-after-nvidia-earnings-and-fed-uncertainty-over-next-rate-cut.