Bitcoin slipped below $90,000, a key support level, on Tuesday, renewing fears across the crypto market.
Consequently, the move erased its year-to-date gains and reinforced concerns that the recent downturn is far from over.
The world’s largest cryptocurrency slipped to $89,253 in early Tuesday trading, its lowest level since April. However, it later bounced to about $90,202, but the recovery remained limited. Bitcoin is now down more than 3% in 2025 and down 5% on the day.
This weakness follows its record high of $126,080 on October 6, 2025. Selling pressure increased soon after the $19 billion liquidation of leveraged positions on October 10, which accelerated the correction.
The decline also falls within the 400 to 600-day window after the April 2024 halving, a period in which past peaks often formed.
The latest pullback also affected major altcoins. Ethereum traded near $3,011, falling 23% over the past month. Solana declined to $135.79, representing a 27.3% drop over the same period. Meanwhile, XRP proved more resilient, losing only 8.4% to trade at $2.16.
Analysts View the Drop as Typical Cycle Behavior
Amid the broader market sell-off, analysts at The Kobeissi Letter reminded investors that Bitcoin often experiences deep pullbacks. They noted that since 2017, the asset has seen more than ten drops of 25%, six declines of 50%, and three of 75%. Importantly, the firm emphasized that every downturn of a similar size has eventually led to new highs.
Bitcoin now sits 29% below its all-time high, which they described as normal cycle behavior tied to a mechanical unwinding of leverage, rather than a shift in fundamentals. They emphasized that nothing significant has changed between the $126,000 and $89,000 price points.
Industry Leaders Suggest a Market Bottom Is Near
Meanwhile, some industry leaders believe the sell-off is nearing its end. Cameron Winklevoss, co-founder of Gemini, told investors that Bitcoin under $90,000 may represent a final buying opportunity.
This is the last time you'll ever be able to buy bitcoin below $90k!
— Cameron Winklevoss (@cameron) November 18, 2025
Similarly, others share a comparable view. Tom Lee, chairman of BitMine, and Matt Hougan, CIO at Bitwise, both expect Bitcoin to find a bottom this week.
During an interview with CNBC, Lee said traders remain cautious after the October 10 liquidation and uncertainty over a possible Federal Reserve rate cut in December.
Hougan called the current price zone a “generational opportunity” and said long-term investors may view it as a favorable entry point. He also linked the downturn to broader concerns involving the economy, high AI valuations, and tariff measures by President Donald Trump.
Multiple Factors Fuel the Downturn
Earlier this week, several crypto executives cited ETF outflows, large-volume selling by whales, and rising geopolitical tensions as reasons for the continuing weakness. These pressures have added to the fragility of a market already coping with heavy leverage and volatile sentiment.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
