Bitcoin plunged nearly 5% to $86,950 in Sunday trading, triggering $539 million in liquidations after the asset endured its worst November performance since 2018.
Cooling US labor data is shifting growth expectations, rate paths and liquidity, creating new macro pressures for Bitcoin and the broader crypto market.
Bitcoin and several altcoins continue to show strength, but charts suggest that each needs a strong close above a key exponential moving average to continue the uptrend.
Crypto plunged over $1 trillion in weeks, but analysts say the downturn isn’t systemic and break down the macro drivers, institutional behavior and investor survival strategies.