Bitcoin Updates: Bitcoin Approaches Crucial Support Level Amid Heightened Fear, Indicating Possible Recovery
- Bitcoin fell to a seven-month low near $87,300, testing key support levels amid heavy selling pressure and extreme bearish sentiment. - Analysts highlight a "max pain" zone between $84,000-$73,000, with historical patterns suggesting rebounds after fear indices hit annual lows. - The Crypto Fear & Greed Index at 15—a level preceding past rebounds—aligns with historical 10-33% post-dip recovery trends. - A 26.7% correction triggered $914M in liquidations, but a 2% rebound to $92,621 shows resilience amid
Bitcoin has dropped to its lowest price in seven months, reigniting discussions about whether the market is approaching a pivotal turning point. Experts from Bitwise and other organizations are pointing to a "max pain" range between $84,000 and $73,000, where intense selling and strong bearish sentiment might set the stage for a bounce. After falling below $87,000 on November 20, 2025, Bitcoin has steadied around $87,300. Meanwhile, the wider crypto market has experienced over $914 million in liquidated leveraged positions, with $703 million coming from long positions
This recent pullback marks the largest correction of the current bull run, with Bitcoin falling 26.7% from its high. This has pushed stress indicators higher, including a local stress index reading of 67.82, according to Bitcoin analyst Axel Adler Jr., which is still above a key level but not as high as during previous major declines
There are also notable historical comparisons. During the 2019 U.S. government shutdown, a similar recovery followed a period of tight liquidity, with some analysts suggesting that Federal Reserve easing could help boost crypto markets
Recent figures indicate a partial rebound, with Bitcoin climbing nearly 2% to $92,621 on November 19, as reported by CoinSwitch Market Desk. The overall crypto market rose 2.3%, outperforming traditional assets as investors
Looking ahead, Bitcoin’s ability to break above $94,000 will be crucial, as this could pave the way to $95,000 and potentially reignite bullish sentiment. For now, the "max pain" zone remains in focus, with Bitwise experts warning that if capitulation occurs at these levels, a reversal could follow—if historical patterns persist.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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