Dance of The Bears

"Bitcoin continues its adventure below the $95,000 level, and has reached handles so low, that all gains made on the year are null and void. BTC skyrocketed to the infamous $100,000 per coin price on the back of Trump winning the 2024 election towards the end of the year, which now proves to be a level of resistance. At this time of writing, bitcoin is trading below $93,000 and momentum continues to favor the downside as support levels continue to be broken through."

"Earlier this morning, Michael Saylor announced that Strategy (NYSE: MSTR) has acquired 8,178 BTC at $102,171 per BTC. This brings Strategy's total holdings to 649,870 BTC at an acquisition price of $74,433 per bitcoin. With this announcement having no positive effect on spot markets, the signs of a bear market are beginning to creep in. End of November options contracts for BTC are not painting a favorable picture either."

"Open interest for the 28NOV25 $80,000 and $90,000 put contracts make up over 15,000 contracts on Deribit, accounting for nearly 12% off all open interest. Funding rates on perpetual futures continue to compress as well, falling below the 10% annualized level across several exchanges. With the lack of macro data this week and the various headwinds in the news facing the Trump Administration, it is hard to be optimistic about"

Bitcoin has fallen below $95,000 and is trading under $93,000 as downside momentum breaks support levels and erases year-to-date gains. MicroStrategy disclosed a purchase of 8,178 BTC at $102,171 each, increasing its holdings to 649,870 BTC at a $74,433 average acquisition cost, but the announcement failed to lift spot prices. End-of-November put open interest on Deribit is concentrated at the $80,000 and $90,000 strikes, exceeding 15,000 contracts and representing nearly 12% of total open interest. Perpetual funding rates have compressed below a roughly 10% annualized level across exchanges. Macro uncertainty and political headwinds weigh on sentiment.

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