Cryptocurrency prices today: Bitcoin crashes lowest at $85,000 level; why is crypto price falling?

Bitcoin prices slips more than 33 percent from from its October high of $1,26,000.

Bitcoin price dipped as low as $85,422 on November 21, as of 9:00 a.m. The price continues to hover just above $85,000 levels dampened by hopes for another US rate cut in December. That’s a significant fluctuation of almost 8 percent in the last 24 hours, and the lowest since April when it declined just below $75,000.

“The crypto market is consolidating as macroeconomic uncertainty increases in the US. The September jobs data showed a higher-than-expected unemployment rate at 4.4 percent, influencing the rate cut decision. At the same time, the absence of October data has created an information gap, prompting traders to turn cautious. Additionally, a Bitcoin whale selling 11,000 BTC has also impacted the sentiment, further contributing to the downward momentum. Buyers now need to defend the $84,500 support to prevent a deeper move toward $80,000, while $91,000 remains the key resistance,” said Edul Patel, CEO of Mudrex.

Other major cryptocurrencies followed the pattern, with Ethereum’s price hit by 7.44 percent, XRP by 6.67 percent, Binance Coin at 5.13 percent, and Solana fell around 7.15 percent in the last 24 hours.

"Bitcoin retreated to the $85,000 level after briefly climbing to $92,000 following Nvidia’s earnings results. Investors are advised to exercise caution and avoid making aggressive, emotion-driven decisions. A measured approach, focused on risk management and long-term strategy, remains critical as markets react to ongoing economic signals. The key psychological level to watch is $80,000. Historically, strong support zones tend to attract buying interest," Ashish Singhal, Co-founder, CoinSwitch.

According to CoinSwitch markets desk, “The $89,000 to $92,000 band remains the closest liquidity area and a potential zone for short-term recovery, while further downside may depend on whether $85,000 holds.”

Check out the latest prices of top 10 cryptocurrencies on November 21, as of 8:55 a.m.