Bitcoin’s historically strong November is in question as it dropped 10% in a week, dipping below $90,000. Analysts warn that comparisons to previous years may not be accurate due to unusual market conditions. Bitcoin is down 15.37% for November, on track for its worst month since 2019.

Bitcoin is currently up 1% to $93,290 after dropping below $89,400. Confidence in a Federal Reserve rate cut in December has fallen to 41%. Analysts suggest a new Bitcoin high by year-end is possible but not guaranteed, despite November historically being a strong month.

Bitfinex analysts believe Bitcoin may be close to establishing a local bottom after a sharp correction. They note that sustainable bottoms typically form after short-term holders have suffered losses. November gains may extend into December as selling pressure eases and signs of stabilization appear. Resistance is seen at $97,000-$100,000.

Read more at Cointelegraph: Bitcoin November Average Gains Are ‘Skewed,’ Says Analysts