Bitcoin is starting December under pressure after an 18% fall in November, its worst November since 2018. With this sharp drop, many traders are now asking whether the worst is over or if more downside is coming.
Prominent crypto analyst CrypNuevo warns that Bitcoin still faces strong resistance at $80 before the price begins to rally.
According to CrypNuevo, a key warning sign is that Bitcoin is now trading below the 1-week 50 EMA, a strong line that usually decides whether the market is bullish or bearish. As long as BTC stays under it, the risk of revisiting the $80K support grows.
Meanwhile, December has already started weakly, with Bitcoin dropping around 5% and currently trading near $86,743.
The analyst also notes that the current price pattern looks very similar to February–March this year, when Bitcoin went through a sharp liquidation drop, bounced, got rejected by the daily 50 EMA, revisited the lows, and only then made a strong breakout to new highs.
For bullish momentum to return, Bitcoin must climb back above $99,800. Until it does, traders cannot fully expect new highs. CrypNuevo highlights $94.5K and $99K as the first major barriers where sellers may step in again.
The daily 50 EMA is also near $99K, making that area even tougher to break. If Bitcoin fails to move above these levels, another drop becomes likely.
But if BTC breaks and holds above $99K–$100K, a fresh bullish trend could start and open the door to new highs.
Popular market expert Peter Brandt has shared a new weekly logarithmic chart that suggests BTC may still have room to drop. As per the BTC weekly chart, the upper boundary of a key support zone begins below $70K, suggesting Bitcoin could fall further before finding a strong base again.
Even more concerning, that large liquidations from institutional and corporate holders might speed up the decline, potentially sending Bitcoin sharply lower before the next big recovery begins.
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