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.
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.
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.
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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