The crypto market is undergoing another sharp drawdown as global risk sentiment weakens. On Thursday, November 20, Bitcoin (BTC) dropped 2.52% to $86,585 – its lowest level since April – while Ethereum (ETH) slid to $2,818, wiping out all gains accumulated since July.
Altcoins saw even steeper intraday swings. Solana (SOL) fell from a daily high of $144 to $132, XRP slipped below the key $2 threshold, and Dogecoin (DOGE) dropped from $0.1591 to $0.1473.
According to Jamie Elkaleh, CMO at Bitget Wallet, crypto’s growing integration with traditional financial markets means digital assets now react more directly to shifts in Federal Reserve policy. “The sharp decline in expectations for a December Fed rate cut — now just 33%–50% — reflects a spike in macro uncertainty,” Elkaleh explains. He adds that weaker liquidity expectations are weighing on BTC and ETH flows, encouraging risk-off behavior and prompting short-term outflows from spot ETFs.
What’s next for btc after the market drop?
Analysts view the short-term outlook as bearish but not structurally damaging. BTC’s resistance at $89,000 had been fragile for weeks, and the breakdown opens the door to a potential move toward $85,000, says Arthur Azizov, Founder and Investor at B2 Ventures.
Armando Aguilar, Capital Formation Lead at TeraHash, notes that excessive leverage, profit-taking, and slower corporate accumulation are amplifying downside momentum. Even so, he expects Bitcoin to recover unless macro conditions deteriorate further.
“A deeper move toward $75,000–$78,000 becomes possible only if outflows accelerate and macro conditions turn risk-off,” Aguilar says.
Crypto snapshot
CRYPTOCURRENCY | PRICE | 24-HOUR GAINS +/-
Bitcoin (BTC) | $86,768 | -2.4%
Ethereum (ETH) | $2,830 | -1.6%
Solana (SOL) | $132 | +1%
XRP (XRP) | $1.99 | -2.6%
BNB (BNB) | $875 | 0.0%
Cardano (ADA) | $0.4332 | -1.5%
