Bitcoin (BTC) price led the wider crypto market in bearish sentiment on Wednesday, November 19, 2025. The flagship coin dropped over 3% to hit a range low of about $88.5k before rebounding to trade around $90.5k at press time.
The total crypto market cap dropped 3.5% to hover around $3.07 trillion, below its 2021 peak. As a result of the heightened bearish sentiment, more than $651 million was liquidated from crypto leveraged traders, with around $491 million involving long traders.
According to on-chain data from CryptoQuant, Bitcoin traders and short-term holders have been on a selling spree. On the other hand, Bitcoin miners and long-term holders have not been selling their coins.
Based on historical data, Santiment has concluded that the crypto market often moves in the opposite direction of retail traders. With the notable capitulation of retail traders, a potential crypto rebound is more probable in the coming weeks.
According to James Thorne, the Chief Market Strategist at Wellington-Altus, Bitcoin is well-positioned to repeat its price action after the 2019 U.S. government shutdown.
“Bitcoin bottomed on February 7, 2019, at $3300, 13 days after the U.S. government reopened (January 25, 2019). Then rallied from this low, rallies over the next five months to peak near $13,000 on June 26, 2019, 139 days after the shutdown ended. History rhymes,” Thorne noted.
From a technical analysis standpoint, the Bitcoin price has recently retested a crucial support level above $90k. After filling its daily CME gap above $92k, BTC price has signaled a potential rebound ahead.
Source: TradingView
Moreover, the daily Relative Strength Index (RSI) has dropped to its oversold levels.
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