The debate around Bitcoin’s next major move is heating up. After last week’s sharp drop below $81,000, Bitcoin attempted a recovery — but momentum has slowed again. This has raised a key question for traders: Has Bitcoin truly bottomed, or is another leg down still possible?

Market Sentiment Turns Bearish
According to new insights from Santiment, social media sentiment around Bitcoin has shifted toward fear, with many retail traders calling for a deeper bear market.
However, analysts point out that major reversals often happen when the crowd becomes overly pessimistic. Historically, Bitcoin tends to move opposite to retail expectations during extreme sentiment swings.
At the same time, Bitcoin’s 30-day and 365-day MVRV ratios remain negative. This shows that a large number of traders are still holding unrealized losses — a sign that the market may not have reached full recovery yet.
Whales Keep Selling
Another concern is the ongoing selling pressure from large Bitcoin holders. Wallets holding 10 to 10,000 BTC have been reducing their positions for six consecutive weeks.
On-chain data from CryptoQuant confirms this trend, suggesting whales are not yet confident in a sustained rally.
Despite this, analysts still expect a short-term bounce, even if the broader trend remains uncertain.
“A rebound above $90,000 soon wouldn’t be surprising,” one Santiment analyst noted, although they remain cautious about any move toward new all-time highs while whales continue offloading.
Key Technical Levels to Watch
Crypto analyst Brett highlighted a notable historical pattern:
Bitcoin has never reached a new all-time high after falling below the 50-week moving average without touching the 200-week MA first.
Currently:
- The 50-week has already been broken.
- The 100-week is acting as temporary support.
- The 200-week MA sits near $56,000 — a level that could be tested if bearish pressure resumes.
This scenario points to a potentially deeper correction if support fails.
Recovery Still Weak
Swissblock analysts noted that Bitcoin briefly bounced to $89,000, but the move lacked strength.
📊 Bitcoin's depressing slump to $80K has been followed by an (at least slightly) encouraging bounce back up to $88K. Now, questions are arising about whether last week's bottom was the best buy opportunity we'll get. We explore in our latest deep dive. 👇https://t.co/4Hja2WY15J pic.twitter.com/D29wrva0Ie
— Santiment (@santimentfeed) November 26, 2025
“Momentum remains deeply negative, similar to late-stage capitulation. Until momentum shifts, every bounce is just a short-term reaction,” they said.
Analyst James Check also warned of more leverage that may need to be flushed out, suggesting Bitcoin could briefly dip into the $70,000–$80,000 range before stabilizing.
Current Market Outlook
As of the time of writing, Bitcoin is trading around $87,500, moving sideways and struggling to break above the $88,000 barrier.
So, Has Bitcoin Bottomed?
- Short-term: A bounce is likely.
- Mid-term: Uncertain due to weak momentum and ongoing whale selling.
- Long-term: Depends on whether Bitcoin can hold key weekly moving averages and regain bullish volume.
For now, the market remains cautious — and traders are watching closely for clearer signals before declaring a true bottom.
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