Bitcoin exceeded $87,000 on Nov. 23, recording a 24-hour increase of 3.49%, HTX market data show. The price movement marks a continued upward trajectory for the cryptocurrency during the trading period.

Bitcoin posted a -21.28% return for November 2024 as of Nov. 23, Coinglass data show. The figure contrasts sharply with the historical average November return of +42.49% since 2013. Historical data show Bitcoin gained in eight of the past 12 Novembers with a median return of +8.81%, according to prior reporting on Nov. 1.

Polymarket data show a 32% probability that Bitcoin will fall below $80,000 in November, BlockBeats reports on Nov. 23. A separate contract indicates a 12% probability for the cryptocurrency to drop below $75,000 during the same period.

Bitcoin's market capitalization rose above $1.7 trillion on Nov. 23, reaching $1.72 trillion, BlockBeats reports. The cryptocurrency now ranks eighth globally by market cap, surpassing the Vanguard Total Stock Market ETF, which is valued at $1.703 trillion.

Coinglass data show cumulative long position liquidation intensity across major centralized exchanges would reach $623 million if Bitcoin falls below $84,000 on Nov. 23. Cumulative short position liquidation intensity stands at $533 million should Bitcoin break above $88,000. Coinglass notes liquidation charts display relative intensity between liquidation clusters rather than precise contract quantities, with higher bars indicating stronger potential price reactions due to liquidity waves at those levels.

MicroStrategy has become the main hedging tool for crypto investors managing risk exposure, with its stock falling 43% over the past month, BitMine Chairman and CEO Tom Lee said in a CNBC interview on Thursday. The company, which holds nearly 650,000 BTC, functions as the most liquid proxy for bitcoin positions amid limited direct hedging options in crypto derivatives markets. Lee said institutional traders short MSTR stock to offset losses in bitcoin and ethereum holdings, as native crypto derivatives lack sufficient liquidity for large-scale hedging. He attributed part of the pressure to lingering effects from the Oct. 10 market collapse, which erased $20B in market value and damaged exchange liquidity.

Bitcoin fell to $80,600 on Nov. 21 at approximately 20:25 Beijing time before rebounding after dovish remarks from multiple Federal Reserve officials, BlockBeats reports. New York Fed President Williams said further rate cuts remain possible in the near term given the somewhat restrictive policy stance, while Fed Governor Bowman noted recent nonfarm payroll data leaned decidedly dovish. The statements shifted market expectations for a December rate cut back above 70%, with Bitcoin subsequently recovering to breach $86,000. On-chain data from CoinKarma showed Nov. 21 recorded the highest spot trading volume across major exchanges in recent periods, suggesting significant position turnover typical of short-term bottoms.

Bitcoin surged past $86,000 to trade at $86,056 on Nov. 23, HTX market data show. Ethereum simultaneously broke through $2,800, reaching $2,808 in the same session.

Bitcoin showed a "high-volume capitulation with rebound support" structure, CoinKarma said on Nov. 23. CVD indicators revealed BTC faced sustained selling pressure for consecutive days after breaking below mid-to-long-term key levels this week, accelerating the decline. Spot trading volume reached peak levels across multiple exchanges at the daily close on Nov. 21, indicating significant ownership turnover. CoinKarma characterized the pattern as a typical short-term bottom signal.