Bitcoin price fell 7.5% over the past 24 hours, trading at $84,020 at 2:46 a.m. EST, while trading volume rose 22% to $102 billion.
BTC plunged to its lowest level since April as mixed US labor data dampened expectations of a Federal Reserve rate cut next month, triggering a new wave of selling.
The US jobs report shows wages rose by 119,000 while the labor force participation rate rose to 4.4%, CME Group’s FedWatch Tool shows only a 41% chance of an interest rate cut next month.
The jobs numbers for September are out (September numbers, NOT October numbers) and it exceeded expectations as companies hire.
However, job revisions are lower than in July, so the chances of a rate cut are 60/40 on NO RATE CUTS in December. pic.twitter.com/2j39uwcsgk
— Digital Asset News (@NewsAsset) November 20, 2025
Meanwhile, Ray Dalio, founder of Bridgewater Associates, told CNBC in an interview that the market is in bubble territory.
Dalio said investors should not necessarily rush to sell their investments, but warned of very low returns over the next decade.
RAY DALIO: “THERE IS DEFINITELY A BUBBLE IN THE MARKETS.” pic.twitter.com/KXRA2gD6nM
— The Wolf of All Streets (@scottmelker) November 20, 2025
Where will Bitcoin go now that the chances of rate cuts have been reduced?
Bitcoin Price Bearish Stance Dents Recovery Hopes
After a sustained rally from the $40,000 region through 2023 and 2024, the BTC price rose steadily within an ascending channel pattern.
However, as the Bitcoin price approached $125,000, the bullish momentum began to weaken. Repeated rejections near the upper boundary of the ascending channel indicated exhaustion, ultimately resulting in a significant reversal from the cycle high around $126,230.
However, the bears appear to have taken control of the price as the collapse accelerated as BTC fell below the weekly 50 Simple Moving Average (SMA), currently near $102,600.
Historically, the 50-week SMA has served as a crucial trend indicator, and its breakup often signals the start of a deeper correction. Multiple failed recoveries around this level further confirmed the weakening trend, reinforcing bearish sentiment.
As selling increased, Bitcoin fell to the lower part of the channel and now continues to slide into the next major demand area between $65,000 and $70,000. This zone represents an earlier margin of consolidation and aligns with historical support from the early stages of the rally, making it a crucial area for potential stabilization.
The weekly Relative Strength Index (RSI) has further strengthened the bearish stance and has fallen sharply to 34, approaching oversold territory. While the indicator is still above the 30 threshold, it is showing increased selling pressure, with bears dominating the broader market.
BTC price prediction
Based on the current weekly chart analysis of BTC/USD, the bears remain in control as Bitcoin trades decisively below the 50-week SMA and moves towards the key demand region below $70,000.
The loss of the channel centerline and the sharp decline in the RSI support the broader downward trajectory.
If bearish pressure continues, BTC’s price could test the $65,000-$70,000 support range where buyers could look to regain control.
A breakdown below this region would open the door for a deeper correction towards the long-term 200-week SMA around $55,500.
However, the approaching RSI conditions could cause a temporary rebound. In such a scenario, recovery attempts may first encounter resistance near the $100,000 zone, in line with the 50-week SMA and previous roadside assistance.
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