Bitcoin Near $90K as Markets Brace for Fed Decision, Europe Drives November Sell-Off

Bitcoin hovered around $90,400 on Tuesday as crypto markets steadied following one of November’s steepest downturns since 2018. Liquidity remained thin ahead of Wednesday’s Federal Reserve decision, with the broader market holding its recent rebound.

Over the past 24 hours, BTC gained roughly 1%, while Ether added 0.2%, according to CoinGecko. Major altcoins were mixed: BNB rose nearly 1%, SOL slipped 0.6%, and XRP edged lower.

Regional Sell Pressure Insights
Time zone-segmented data from Presto Research indicated that Europe was the main driver behind November’s 20–25% drawdowns in BTC and ETH. European sessions saw deeply negative average returns, while Asian and U.S. sessions remained largely flat, reflecting diverging regional flows during a period of crypto de-leveraging.

Institutional Moves
November’s downturn coincided with notable repositioning in listed crypto equities. Strategy disclosed its largest Bitcoin acquisition in over three months on Monday, purchasing 10,624 BTC for $963 million. Funded mainly through new equity issuance, the purchase brought total holdings to roughly 660,600 BTC, valued at approximately $60 billion. The company’s shares traded near $180, down about 50% over six months, as investors assess the risk of removal from key MSCI indices.

Macro Pressures and Market Sentiment
Macro conditions continue to weigh on crypto. Asian equities dipped as traders anticipated the Fed’s potential rate cut and guidance on easing into 2026. Global bond yields remained elevated, applying additional pressure to high-beta assets. Crypto-specific sentiment remains fragile: CryptoQuant’s Bull Score fell to zero for the first time since January 2022, with most BTC on-chain indicators turning bearish amid low liquidity.

Looking Ahead
Medium-term catalysts are emerging, including potential changes to U.S. 401(k) rules in early 2026, which could open trillions in retirement savings to Bitcoin exposure. Traders are now watching whether BTC can push toward the $94,000–$98,000 range, or if European trading hours continue to exert downward pressure as year-end positioning tightens.