Bitcoin extends losing streak for 6th week, market panics
The trading session on November 21 (Friday) continued to witness strong selling pressure across the entire cryptocurrency market. By 7:30 p.m. Vietnam time, Bitcoin had dropped about 11% in just one day, reaching $80,700. Although it later recovered to the $83,000/BTC area, many people are still worried that the downward trend will continue.
This is Bitcoin's 6th consecutive week of decline - the longest losing streak since the "crypto winter" of 2022. Compared to the historical peak of 125,300 USD set on October 7, this currency has evaporated nearly 37%, wiping out all growth achievements in 2025. Bitcoin's market capitalization is now just over 1,600 billion USD, equivalent to nearly 890 billion USD in value blown away in less than 6 weeks.
Not only Bitcoin, a series of other altcoins also suffered: Ethereum lost more than 30%, Solana fell nearly 40%, while tokens belonging to the Cardano (ADA), Chainlink (LINK), Polkadot (DOT) system all fell 10-15% in just the past 24 hours. The Fear & Greed Index dropped to 11 points - the deepest "extreme fear" zone in more than a year.
Bitcoin's 24-hour trading volume reached nearly $128 billion, a multi-month record high. Many investors using high leverage of 20-50x on derivatives exchanges were liquidated en masse, pushing the panic to its peak.
“Catching the bottom of Bitcoin at 90,000 then 85,000, each time I put in a few hundred USD but the stop-loss was wiped out, now my account is only 30% left”, Mr. Nguyen Hung (Ha Dong, Hanoi ) shared. Many other small investors also fell into a similar situation when trying to “catch a falling knife” in a downtrend that was too steep.
Since the beginning of November, Bitcoin has broken through important psychological milestones: 110,000 USD (November 3), 100,000 USD (November 14), 90,000 USD (November 20) and now the 80,000-82,000 USD zone. Each time a strong support level is broken, the crowd becomes more panicked, leading to a new wave of sell-offs.
Selling pressure persists and systemic risks remain high
The outflow of money from Bitcoin ETFs in the US is happening at a strong pace. According to Business Insider, in just 4 sessions from November 12-17, ETFs recorded a net withdrawal of more than $1.65 billion. In total, since the beginning of November, nearly $3 billion has left these funds.
Bitcoin has now slipped below the average purchase price of ETF investors (around $89,600), leaving most institutional holders at a loss. This creates continued selling pressure from large funds themselves.
Technically, Bitcoin is forming a “lower high” structure. The spike in volume on the red candles shows that the sellers are still dominant. The next important support zone is $82,000-$83,000. If this zone is broken cleanly, the door to $80,000 or even $74,000-$75,000 (MicroStrategy’s average holding cost zone - $74,433) will be wide open.
Many believe that the market is entering the “late stage of a 4-year cycle”. After each halving, Bitcoin usually increases sharply for 12-18 months and then enters a deep correction period lasting 12-24 months. History has recorded a 75% drop in 2021-2022 and a 30% drop from late 2024 to mid-2025.
Macro factors are also not in favor of Bitcoin. The US September employment report (released on the evening of November 20) showed the creation of 119,000 jobs, far exceeding forecasts. This reduced the probability of the Fed cutting interest rates in December to just over 20% (from 90% at the end of October). The USD strengthened, US stocks corrected, and cryptocurrencies were under heavy pressure.
In addition, the risk of a credit freeze is present. Many technology companies and investment funds have borrowed (convertible bonds, margin) to buy Bitcoin and altcoins in 2024-2025. If the credit market tightens, the wave of sell-offs to repay debts could be even stronger.
However, there are still positive signals in the long term. That is, the legal framework is increasingly clear, major banks continue to build crypto products, practical applications of blockchain are growing strongly. Some experts still believe that this is a "historic accumulation opportunity" if investors are patient enough and choose the right entry point.
However, at the moment, fear still dominates. With the downtrend showing no clear signs of reversing, many people choose to stand on the sidelines and observe instead of rushing to “buy the bottom”.
Source: https://vietnamnet.vn/bitcoin-roi-manh-ve-80-000-usd-thi-truong-hoang-loan-nhieu-nguoi-lo-nang-2465278.html
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