Bitcoin may be approaching a key pressure zone, as new analysis highlights a potential market floor between $73,000 and $84,000.
Bitwise’s European head of research, André Dragosch, says that this area could define the next major cycle low and may determine how investors behave in the coming weeks.
Analyst Identifies a Critical Support Band
Specifically, in a post on X (formerly Twitter), Dragosch explained that the “max pain” region lies between BlackRock’s IBIT cost basis of $84,000 and MicroStrategy’s cost basis of approximately $73,000. He argues that final cycle bottoms often form where investor stress peaks, and this band fits that pattern.
As Bitcoin approaches these levels, he believes market positioning resets and forced selling become more likely. Specifically, when Bitcoin trades near an ETF’s average entry price, holders often reconsider whether continued losses justify holding the product.
Therefore, this tension reinforces the idea that the market may already be feeling pressure within the identified “max pain” zone.
IBIT Outflows Highlight Rising Market Stress
Dragosch’s analysis is consistent with recent ETF activity. For instance, BlackRock’s IBIT posted $523 million in outflows on Tuesday, its biggest single-day withdrawal to date.
Moreover, total outflows over the past month reached $3.3 billion, or approximately 3.5% of its assets under management. These developments suggest that investors are becoming increasingly cautious.
MicroStrategy Shows Signs of Liquidity Strain
The situation is similar for MicroStrategy, another major holder of Bitcoin. The company’s net asset value recently slipped below 1, meaning its stock now trades at a discount to the value of its Bitcoin holdings.
If Bitcoin drops back to around $73,000, the company could feel even more pressure. Analysts say this might lead investors to take fewer risks, especially if the economy weakens at the same time.
Fed Uncertainty Adds to Market Caution
Meanwhile, this institutional stress is unfolding as the Federal Reserve enters its December meeting with unusually little visibility. A recent government shutdown delayed the release of major labor data, leaving policymakers without vital metrics.
According to FedWatchTool, expectations for a December rate cut have dropped to 35% on Friday. In addition, the Fed remains split between stubborn 3% inflation and the risk of easing policy too quickly.
Consequently, if rates remain unchanged, liquidity conditions may stay tight, a pattern that contributed to Bitcoin’s sharp sell-off earlier this month.
Stablecoin Reserves Offer Some Support
Despite these concerns, one indicator provides a more constructive signal. Exchange stablecoin reserves have climbed to a record $72 billion, mirroring past accumulation phases that preceded major Bitcoin rallies in 2025.
This buildup suggests available liquidity, though market participants may wait for clearer economic signals before deploying it.
Given this, analysts expect Bitcoin to stay between $60,000 and $80,000 through the end of the year if interest rates don’t drop. Until the macroeconomic picture stabilizes, investors are likely to remain cautious and watch key support levels.