Bitcoin Maintains a Bearish Overall Trend Despite Signs of Medium-Term Recovery

‎BTCUSD Market Analysis – November 23

‎Bitcoin maintains strong bearish momentum on the higher timeframe even as signs of a medium-term recovery begin to emerge.

‎Bitcoin (BTCUSD) Key Levels

‎Support Levels: $87,750.00, $75,200.00
‎Resistance Levels: $96,400.00, $106,500.00

‎BTCUSD Long-Term Trend: Bearish

‎Bitcoin remains under intense selling pressure as price continues to plunge with strong bearish momentum. After a period of consolidation above the $100,500 level, the market broke decisively below this zone in early November 2025, initiating the current bearish phase.
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‎Following the breakdown, price only retested the $106,500 zone—now acting as resistance—before extending the decline. The drop through the $96,400 level occurred without any meaningful pullback, and sellers further drove price below the $87,750 demand zone in a single decisive move. With bearish candles continuing to dominate the daily timeframe, price is currently heading toward the $75,200 region, which stands as the next major target based on historical structure.
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‎Although the Relative Strength Index (RSI) sits well below the oversold region, price action shows no sign of a bullish recovery. Sellers remain firmly in control, and the absence of supportive demand zones suggests that bearish continuation is likely as price gravitates toward the $75,200 level.

‎BTCUSD Medium-Term Trend: Bullish

‎On the 4-hour timeframe, a corrective bullish retracement is beginning to form as price reacts from the deeper lows. Price is attempting to reclaim the $87,750 level, and a failed low formation has strengthened the probability of a more meaningful bullish pullback.
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‎If buyers succeed in recovering the $87,750 zone, it is expected to hold as new support, potentially driving price toward the $96,400 supply level. A break above this region could convert the ongoing retracement into a more significant bullish reversal, signaling a shift in medium-term market structure.

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