Bitcoin Price Drops to $88,000 — Is a Major Rebound Coming, According to On-Chain Data?

Jakarta, Pintu News – Bitcoin (BTC) price fell below $90,000 again on Friday, November 21. The major cryptocurrency fell more than 3% in the past 24 hours, hitting a fresh seven-month low around $86,300 before recovering slightly and trading around $88,000 at the time of writing.

The overall crypto market also weakened following Bitcoin’s movement, resulting in the liquidation of over $914 million from leveraged traders. Interestingly, over $703 million of this came from long positions, reinforcing the bearish sentiment through the “long squeeze” phenomenon.

Bitcoin Price Drops 3.31% in 24 Hours

On November 21, 2025, Bitcoin was trading at $88,045, equivalent to IDR 1,482,651,906 — marking a 3.31% drop over the past 24 hours. During this period, BTC hit a low of IDR 1,448,607,620 and a high of IDR 1,560,156,152.

At the time of writing, Bitcoin’s market capitalization is approximately IDR 29,385 trillion, while its 24-hour trading volume has surged by 24% to reach IDR 1,681 trillion.

Read also: Bitcoin Plummets to $87,000, these 5 Altcoins Explode by 160% Today!

Technical Support: BTC Price is Retesting Important Liquidity Levels

In the weekly chart, Bitcoin price has formed a symmetrical rising channel pattern since early 2023. After reaching a record high of around $126,000 last October, Bitcoin price went through a correction phase and is now testing the lower limit of the long-term upward channel.

Santiment Data: Contraindicated Retail Behavior Amid Extreme Fear

According to market data analysis from Santiment, retail traders are increasingly predicting that the price of BTC will fall below $70,000. However, Santiment notes that the market often moves in the opposite direction to the sentiment of the majority of retail traders.

The medium-term bullish sentiment is even stronger due to the extreme fear of further capitulation in the crypto market. CoinMarketCap’s Fear and Greed Index even dropped to its annual low of around 15 out of 100.

Interestingly, the last time the index was at such low levels, the market experienced a significant rebound in the following months.

Read also: Nvidia Posts Fantastic Profit, Crypto Market Takes Flight!

Historical Support: Impacts Rebound After US Government Reopens

With the US government reopening, liquidity is expected to flow back into the crypto market along with the possible resumption of Quantitative Easing (QE) policies by the Federal Reserve.

As reported by CoinPedia, Bitcoin price is predicted to experience a rebound similar to what happened after the US government shutdown in 2019.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coinpedia. Bitcoin Price Drops Below $87k; Here is Why a Rebound Is Likely Ahead. Accessed on November 21, 2025