Analysts have identified the local bottom of bitcoin at $ 80,000

The price of bitcoin has dropped below $ 90,300 and is currently trading around $ 89,900, which has reduced its 30-day return by 16%. Analysts note that if BTC does not regain the key level in the near future, the next local bottom may form below $ 80,000.

Between November 13 and 18, bitcoin stocks on crypto exchanges increased from 2,380,595 BTC to 2,396,519 BTC, meaning that about 15,924 BTC (approximately $ 1.43 billion at the current exchange rate) moved to the exchanges in five days. This is the largest inflow in recent weeks, which may indicate panic selling or investors preparing to sell assets. Analysts believe that there has been a shift in the market — now the price drop is not due to liquidation of futures, but to real spot sales.

According to Coinglass, the volume of liquidations on long positions in the BTC/USDT pair on Binance is about $ 558 million, while the volume of liquidations on short positions is more than $ 3.56 billion. This means that the leverage on the buyer’s side has already been «washed out,» and now the price drop is caused by deliberate sales rather than forced liquidations.

According to Glassnode, there is little support in the range between $ 89,600 and $ 79,500, as there are few coins in this price range that have been purchased previously. This makes the market vulnerable to further declines. The current level of $ 90,300 is key: if bitcoin fails to recover it, the price could fall to the $ 79,600 zone, which is marked as the next target according to Fibonacci trend levels.

BTC has short-term support in the range of $ 82,000-$ 84,500. If the price continues to close below $ 90,300, these levels will be the next benchmarks to test the market’s strength. To restore the positive momentum, bitcoin must consistently return above $ 90,300, then $ 96,800, and eventually exceed $ 100,900, which could signal a change in investor sentiment to bullishness