Bitcoin has tumbled below $87,000 as rising Japanese bond yields impact risk assets, with liquidations topping $637.55 million over the past 24 hours.

BTC Kicks Off December In The Red

Crypto trader Jelle noted Bitcoin was "smacked down" from its first major resistance, marking the monthly high almost instantly.

Historically, this type of early-month rejection increases the odds of a revisit--and potential breakout, above $90,300 before year-end.

A higher low here would help set up that move.

Ted Pillows added that BTC's rejection from the $92,000–$93,000 supply zone led to a nearly $7,000 drop, with price now stabilizing near $86,000.

He emphasized that bulls must reclaim the $88,000–$89,000 region soon; failure leaves the door open for a retest of November's lows.

Crypto Tony said Ethereum continues to hover mid-range with "no clean entry," adding that the next attractive long doesn’t emerge unless ETH sweeps down toward $2,785.

On Solana, PostyXBT warned that the recent bounce is merely a relief move, not a true structural reclaim, yet traders are mistakenly treating it as a bullish reversal.

The meme-coin sector took a hit as well, plunging roughly 7% in a single day to a market cap of just $11 million amid the broader risk-off sentiment.

Trader Tardigrade highlighted that Dogecoin has now broken down from its long-term monthly support trendline, a technically significant move.

Yet, paradoxically, he argued this breakdown may ignite the beginning of a new "Doge season" narrative as volatility returns to the asset.

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