Bitcoin hovered near $90,400 on Tuesday as the cryptocurrency market stabilized after one of the industry’s ugliest November performances since 2018, even as new data showed Europe was significantly ahead of selling pressure this month.
According to data from CoinGecko, BTC has gained 1% in the past 24 hours, while Ethereum has gained 0.2%. Major altcoins were mixed; BNB rose nearly 1%, SOL fell 0.6%, and XRP edged lower. The broader market held on to its recent rally, although liquidity remained thin ahead of Wednesday’s Fed decision.
The latest data by time zone from Presto Research shows that Europe was the main driver of the 20-25% decline in BTC and ETH in November, with average session returns falling significantly throughout the month. In contrast, Asian and U.S. markets were essentially flat, suggesting a divergence in regional flows as crypto deleveraging occurs.
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November’s downturn also coincided with a major repositioning of publicly traded cryptocurrency stocks. Strategy disclosed the largest Bitcoin acquisition in more than three months on Monday, purchasing 10,624 Bitcoins for $963 million.
This increase in holdings was mainly funded through the issuance of new shares, bringing its total Bitcoin holdings to approximately 660,600 BTC, which is worth approximately $60 billion at current prices. The company’s shares have fallen about 50% in six months, trading near $180 as investors weigh the risk of being dropped from the main MSCI index.
At the same time, the macro climate remains a major constraint on the direction of cryptocurrencies. Asian stocks fell as traders awaited interest rate cuts from the Federal Reserve and any signals on the pace of easing in 2026. Global bond yields remained elevated after Monday’s plunge, putting pressure on high-beta assets.
Cryptocurrency-specific sentiment remains fragile. CryptoQuant’s Bull Score Index fell to zero for the first time since January 2022, with most BTC on-chain indicators turning bearish amid the lack of new liquidity.
At the same time, a number of medium-term catalysts are taking shape, including potential changes to U.S. 401(k) rules in early 2026, which could result in trillions of dollars in retirement savings moving to Bitcoin.
Bitcoin last traded near $90,300, with traders watching to see if the market could push toward the $94,000 to $98,000 range or if the pressure continued during the European session as positioning tightened at the end of the year.
