Bitcoin (BTC) has been struggling to recover from its slump in October.

November is not going as expected, and more often we see the cryptocurrency swinging near the $90,000 range.

On Nov. 18, Bitcoin fell even further below, breaking past the $90,000 point to touch $89,455. This was the lowest it had dropped in seven months.

The latest slide in Bitcoin’s price has rattled traders, with some warning that the downturn may not be finished.

The move followed the formation of a death cross, a bearish chart pattern that occurs when the 50-day moving average falls below the 200-day moving average. Historically, this signal has preceded extended downside periods across risk assets.

Macro uncertainty is adding fuel to the volatility. Expectations around a potential Federal Reserve rate cut in December remain deeply divided, with some policymakers pushing to ease monetary conditions amid signs of cooling in the labor market, while others caution that persistent inflation could flare up again if policy loosens too quickly.

Meanwhile, sentiment indicators remain fragile. The Crypto Fear & Greed Index ticked up from 11 to 15 but still signals “extreme fear” at press time.

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Not everyone sees the drawdown as ominous. The Kobeissi Letter, authored by Adam Kobeissi, described the pullback as a “routine” crypto bear phase, suggesting that a renewed push toward fresh highs could follow once the market resets.

In a post on X on Nov. 19, the Mad Money host said it “almost feels like a cabal is trying to keep Bitcoin above $90,000.\\"

Almost feels like a cabal is trying to keep Bitcoin above $90,000. I like Bitcoin but i do not like any of the derivatives created to play it or game it or mine it.

— Jim Cramer (@jimcramer) November 19, 2025

Cramer reiterated that he remains supportive of Bitcoin itself, while stating he does not “like any of the derivatives created to play it or game it or mine it.”

While at press time, Bitcoin had recovered to float at $91,352, it is still far from the peak of $126,000 it had reached in the early days of October.

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This story was originally reported by TheStreet on Nov 19, 2025, where it first appeared in the Trading News & Analysis section. Add TheStreet as a Preferred Source by clicking here.