Bitcoin's price dropped below $85,500 on November 21, 2025, as selling pressure intensified and global rate expectations shifted. The cryptocurrency experienced a 7% decline in the past 24 hours and has lost over 20% in the past month. Market maker FlowDesk reported a significant influx of coins from dormant wallets, adding to the selling pressure. Traders are adopting defensive positions as the year-end approaches, with Deribit options data indicating a shift in sentiment. The $85,000 put option has become the largest open-interest strike. Additionally, JPMorgan raised concerns about MicroStrategy's potential removal from the MSCI index, which could exacerbate market stress.