Bitcoin is heading for its worst month since 2018, with the cryptocurrency sliding more than 15% in November 2025 and wiping out much of its gains for the year. As of November 21, Bitcoin fell below $85,000, reflecting a deepening bear market fueled by a cascade of investor sell-offs, surging ETF outflows, and global macro uncertainty.
Reasons Behind the Sharp Decline
Analysts point to several converging factors:
- Massive withdrawals from Bitcoin ETFs, with outflows reaching $2.33 billion in November, intensifying downward pressure.
- Heightened volatility and heavy liquidations, as recent price drops triggered stop-loss orders and forced sales across the broader crypto market.
- Hawkish signals from the U.S. Federal Reserve reduced hopes for imminent rate cuts, prompting many traders to exit riskier assets altogether.
- Ongoing macroeconomic uncertainties, rising inflation, and waning interest from trend-following investors also contributed.
Market Sentiment and Near-Term Outlook
Crypto sentiment indexes flagged “extreme fear,” while Bitcoin ‘s technical charts show a breakdown of key support levels, with the next potential floor seen near $80,000. Historical data suggests that a “red” November often leads to further losses into December, keeping investors cautious about betting on a swift recovery.
For now, Bitcoin ‘s steep November drawdown signals a significant shift in market mood, challenging its narrative as a safe-haven and underscoring the volatility that continues to define the cryptocurrency space.