Bitcoin’s painful drop has not finished playing out, according to multiple market analysts, despite a short-lived jump above $85,000 earlier in the day.

Key Takeaways:

• The rebound above $85K wasn’t a real recovery.

• BTC is likely to range and retest lows before finding a bottom.

• Breaking multi-year support means more downside risk remains.

The relief rally, triggered by dovish signals from the Federal Reserve, failed to flip market sentiment, and traders are now preparing for a choppy consolidation phase rather than a fast recovery.

Market Still Searching for Support

Cryptocurrency strategist Steven Ehrlich argues that Bitcoin remains deep in bear-pressure territory, noting that buyers have shown no convincing strength yet. Technical metrics, he says, point toward a prolonged correction rather than a reversal. What makes this decline especially notable, in his view, is Bitcoin’s impact on the rest of the market — “BTC is steering the ship this time,” not simply responding to broader sentiment.

Adding to the cautionary outlook, Ehrlich highlights the breakdown of Bitcoin’s multi-year ascending price channel, a structure that had cushioned BTC since 2023. Losing that key support, first built during the Trump-era bull run, now forces traders to identify a new foundational level from scratch.

A Range-Bound Battle May Come First

Popular market analyst Michaël van de Poppe has echoed similar caution but with a different angle. He expects Bitcoin to form a base only after weeks — possibly months — of turbulent sideways movement. In his breakdown, the market could repeatedly revisit both lower levels and the $87,000–$90,000 region before any real direction appears.

Things will take time.

However, in this area we're likely going to form a base for $BTC.

That means:
– Test the lows multiple times.
– Test $87-90K multiple times.

Until that range-bound period is over (can be short) we'll likely have a direction.

I think we'll see a test… pic.twitter.com/dCyvRDESt3

— Michaël van de Poppe (@CryptoMichNL) November 22, 2025

Rather than a straight drop or clean rebound, van de Poppe anticipates a “grinding accumulation phase,” with BTC bouncing between extremes until liquidity clears. His analysis chart shows repeated tests across major support zones before a proper trend emerges.

Volatility Is Front and Center

The recent reaction to Fed rate-cut speculation shows that macro news still triggers short-term volatility — but it isn’t enough to overpower heavy selling pressure. Bitcoin’s intraday rebound faded quickly, reinforcing the idea that the market needs a deeper reset before the next bullish attempt.