Bitcoin News Today: Bitcoin's $84K Slide Exposes Battle Between Institutional Bets and Bearish Momentum

Bitcoin's price dipped below $84,000 in late November 2025, marking a pivotal week for the cryptocurrency as analysts warned of intensifying macroeconomic headwinds and liquidity challenges. The selloff, driven by Wall Street selling pressure and Asia's bearish developments, pushed daily losses past 7%, with BTC/USD hitting $83,814 on Bitstamp. The decline accelerated after U.S. traders returned from the Thanksgiving holiday, compounding a week of weak market conditions. QCP Capital highlighted Japan's interest rate hikes, thin liquidity, and the potential sale of Bitcoin holdings by Strategy as key obstacles, while noting that the Federal Reserve's end of quantitative tightening could eventually ease pressure.

The bearish sentiment was further amplified by technical indicators. Bitcoin's failure to hold above the $90,000–$92,000 range raised concerns about a "dead cat bounce," with the $80,000 level now a critical psychological barrier. Analysts pointed to a potential breakdown below $80,000, which could expose deeper support levels near $69,000–$62,000, signaling a possible bear market. Meanwhile, the Coinbase Premium flipping negative and rising open interest indicated short-term bearish momentum, with traders warning of "inevitable" declines to $50,000.

Despite the short-term pessimism, some institutional actors signaled long-term confidence. Texas allocated $10 million to Bitcoin, initially purchasing $5 million in BlackRock's IBIT ETF before planning a self-custodied $5 million buy. The move underscored a broader shift in government sentiment, with states like Wisconsin and institutions like Harvard and Abu Dhabi's ADIC also building Bitcoin exposure. However, critics noted that ETF allocations do not qualify under Texas's $500 billion market cap threshold for official reserves.

Adding complexity to the outlook, Michael Saylor's Strategy hinted at potential Bitcoin sales under "stress conditions," a departure from its historic "never sell" stance. CEO Phong Le outlined scenarios where selling could become necessary if the firm's market-to-net-asset-value ratio fell below one-a threshold it breached in mid-November. This admission raised questions about the sustainability of Saylor's aggressive accumulation strategy amid a 32% drop from Bitcoin's all-time high.

On-chain data revealed a major sell-off by long-term holders (LTHs), with supply dropping to 13.6 million BTC as of late November. The rapid reduction in LTH positions coincided with Bitcoin's steep decline from $120,000 to $80,000, suggesting cycle exhaustion. Analysts emphasized that without renewed buyer demand, the market risked further capitulation, with $85,000 now a critical support level to watch.

As the week unfolded, the interplay of macroeconomic forces, institutional actions, and on-chain dynamics painted a volatile picture. While some traders saw a "generational bottom" forming, others warned of a prolonged downturn. The coming sessions, as QCP Capital noted, would likely determine whether Bitcoin could stabilize and end 2025 in positive territory.