Name: Bitcoin rebounds above $90K
Uploaded: 2025-11-18T18:26:51.375Z
Duration: 4 min 45 s
Description: CNBC’s MacKenzie Sigalos reports on the crypto market’s latest whiplash — with Bitcoin briefly dipping below $90K and raising fresh questions about whether the bottom is in or another leg lower is coming.

CNBC’s MacKenzie Sigalos reports on the crypto market’s latest whiplash — with Bitcoin briefly dipping below $90K and raising fresh questions about whether the bottom is in or another leg lower is coming.

Bitcoin experienced significant volatility, briefly falling below $90,000 before recovering to trade near $93,000. Analysts noted that while some crypto-linked equities and exchanges moved higher in tandem with Bitcoin's rebound, technical signals and thinning liquidity suggest the market may not have reached a bottom, with potential downside to $78,000.

Despite the rebound, forced liquidations approached $1 billion over 24 hours, and institutional buyers remained absent, as spot crypto funds reported net negative flows. Market participants discussed the long-term prospects of crypto assets and raised questions about the value of investing in crypto-linked equities versus the underlying assets.

Bitcoin rebounds above $90K

Let's talk about Bitcoin. We just showed you the chart. It's just below $93,000. It did dip below $90,000, negative for the year. Mackenzie Segalas is following this because we know so many of you are as well and the related names that are trading in tandem here. Scott, it's been whiplash in the crypto market since Bitcoin triggered a death cross on Sunday. That's when short-term momentum turns weaker than the long-term trend. You said it, the token briefly broke below $90K this morning. But it's since bounced back. It's trading around that $93,000 level. But technical analysts say the bottom may not be in yet. Fairlead's Katie Stockton sees potential downside to $78K before long-term support holds. Still, two distinct pockets of crypto-linked equities are trading higher today. You've got the digital asset treasury names, Tom Lee's Bitmine Immersion Strategy and Marathon all in the black. That group led the crypto trade over the summer before losing steam the past two months. And then there are the exchanges, Coinbase, Bullish, Robinhood, all ticking higher, moving in lockstep with Bitcoin's rebound. Now, it's part of this morning's comeback narrative, but analysts warn that liquidity is thinning. Forced liquidations are near a billion dollars in the past 24 hours. And then that key institutional buyer still hasn't shown up to buy the dip with those spot crypto funds marking net negative flows again on Monday. Scott? Yeah, I mean, you have to take this all into context. I think a better look at this rather than, you know, looking at all the stocks stacked on top of each other. Let's do a one month of strategy, for example. Mac, as you talk through this, it's down more than 27%. These crypto treasury type names are the ones that have seen some of the biggest selling, right? It's this one. It's the one that, yes, I understand Tom Lee's, you know, Bitmine immersion is up a bunch today, but it was down a ton as well. And you had this great conversation with Tom Lee where you asked him whether or not this digital asset treasury trade has undermined the spot market because it's essentially made it easier than ever to invest in crypto through these crypto linked equities, but not necessarily in the underlying asset. But one point that he made that I thought was interesting about this debt trade is the fact that they are permanent holders of the ether token. In their case, some of these proxy trades hold Bitcoin as strategy does. But he said that they're permanent holders. They hold 3% of the ether supply. And on top of that, they don't have leverage that they're not going to be wiped out with these liquidations. So he was saying that that has really helped to provide a floor to the base price here. But it is a standing question strategy. Yeah, of course. I mean, you still have, you know, Tom Lee, one of the evangelists out there and people listen to what he what he says on this and other topics. Mackenzie, thank you very much. Mackenzie Segal. Josh, you have a thought here as we, you know, see this really renewed volatility related to crypto. Yeah, I never. So I obviously I've been accumulating Bitcoin myself and I own a bunch of other crypto things for a really long time. I'm not a laser eyed person, but I am open minded about the idea that as these protocols grow in use in the real economy, of course, their prices will have to go up in order to facilitate commercial sized transactions. So I get the bull thesis and, you know, I don't want to sound overly cynical. What I never understood and I never bought these stocks and nobody ever explained it to me was why I would pay a premium for an operator of a of a dad who is going to be diluting me and then trying to accumulate as much of that underlying as possible, like in a race to get to a certain percentage of that market. And the reason I never believed in it is I spent 12 years as a retail stockbroker and we sold closed end funds. And that's what these like really look like to me. And I can't think of a category of closed end fund ever in all of my time on the street that traded at a persistent premium to its assets. There are closed end funds for muni bonds, for corporate debt, for real estate investment trusts, any category you could think of. All of them trade at a discount to NAV almost all of the time. And that's just like a standard thing. So why would we have one where it trades at 100 percent premium to its NAV? And I understand it went on for a long time and people bought into this narrative that like, oh, no, no, you don't understand. This is different. These guys have this plan, et cetera. I just it never captured my my heart and soul. So I I'm not in the space, not looking for buying opportunities. Yep.

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