The price of IBIT has dropped 16% to $52, a level last seen in April.
In his latest Substack essay “Snow Forecast,” published November 17, 2025, Arthur Hayes argues that Bitcoin’s sharp drawdown from its October all-time high is a straightforward consequence of tightening dollar liquidity once derivative-driven “fake flows” into Bitcoin have dried up. For Hayes, Bitcoin is “the free-market weathervane of global fiat liquidity” that trades on expectations of future money supply rather than day-to-day headlines. Why Is The Bitcoin Price Down? He looks back to the “US Liberation Day” turmoil on April 2, 2025, when aggressive tariff moves from the Trump administration initially sparked fears of a depression. After Trump “TACO’d” — his word for calling a truce on tariffs — on April 9, Hayes called for “Up Only!” Bitcoin rallied about 21%, Ether and other “selected shitcoins” followed, and Bitcoin dominance slipped from 63% to 59%. Yet even as his proprietary USD Liquidity Index fell roughly 10% from April 9, Bitcoin still rose 12%. Hayes says that divergence was not some structural decoupling, but a temporary distortion created by ETF basis trades and Digital Asset Treasury (DAT) vehicles. He is particularly blunt about the spot Bitcoin ETF flows that many commentators branded as proof of “institutional adoption.” Looking at BlackRock’s IBIT, Hayes notes that the five largest holders are hedge funds and prop trading desks, which mainly used the ETF as a leg in a basis trade: “They short a CME-listed Bitcoin futures contract vs. buying the ETF to earn the spread between the two.” Related Reading: Bitcoin Social Dominance Hits 4-Month High: What It Means When the annualized basis stands “markedly above the Fed Funds rate, hedge funds will pile into the trade,” generating “large and persistent net inflows into the ETF.” That, he argues, “creates the impression, to those who don’t understand the market microstructure, that there is massive interest from institutional investors for Bitcoin exposure when in reality they don’t give a fuck about Bitcoin, they only play in our sandbox for a few extra points over Fed Funds.” As the basis collapsed, those same players “quickly dump their positions,” producing “massive net outflows” and a negative feedback loop with retail. DATs provided a similar optical illusion. Hayes highlights Strategy (MSTR), which can acquire more Bitcoin when its stock trades at a premium to its underlying holdings, a metric called mNAV. As that premium turned into a discount, its ability to grow BTC holdings cheaply diminished. Together, ETF basis flows and DAT issuance “allowed Bitcoin to rise even though dollar liquidity contracted,” he writes. “But this state of play is over […] Without these flows obscuring the negative liquidity picture, Bitcoin must fall to reflect the current short-term worry that dollar liquidity will contract or not grow as fast as the politicians promised.” This Will End The Bitcoin Downtrend From there, Hayes goes back to his core premise that “money is politics.” He says it is now time for President Trump and Treasury Secretary “Buffalo Bill” Bessent “to put up or shut up”: either they deploy the Treasury to “run roughshod over the Fed, create another housing bubble, hand out more stimulus checks,” or they are “a bunch of limp-dick charlatans.” He draws a direct parallel to 2022, when President Biden and Treasury Secretary Janet Yellen engineered a huge drawdown of the Fed’s reverse repo balances. “Yellen issued more Treasury bills than notes or bonds, which sucked $2.5 trillion out of the Fed’s Reverse Repo Program from 3Q2022 until 1Q2025, which pumped stonks, housing, gold, and crypto.” Hayes says, “I have 100% confidence that [Bessent] will engineer a similar outcome.” In the near term, however, he is cautious. Hayes acknowledges the bull argument that as the US government normalizes operations after the shutdown, the Treasury General Account can be reduced by $100–150 billion and that the Fed will end quantitative tightening on December 1. Related Reading: Can Strategy Survive A 90% Bitcoin Crash? Saylor Says Yes But he points out that “since July approximately $1 trillion of dollar liquidity evaporated based on my index.” Against that backdrop, a $150 billion boost is marginal, and talk of renewed QE remains “just talk” until “Fed whisperer Nick Timiraos” signals otherwise. “The bulls are correct; over time, money printer go Brrrrrr. But first, the markets must retrace the gains since April to better align with the liquidity fundamentals.” How Hayes Positions His Company Hayes says he has already adjusted Maelstrom’s positioning. “Over the weekend, I raised our USD stables position in anticipation of lower crypto prices,” even though the fund is still “long as fuck.” The only token he thinks can “outrun the negative dollar liquidity situation in the short-term” is Zcash (ZEC). “With AI, big tech, and big government, privacy across most sectors of the internet is dead. Zcash and other privacy cryptos using zero-knowledge proof cryptography are humanity’s only chance to fight this new reality.” He argues that it “should offend our sensibilities as disciples of Satoshi” that the third, fourth and fifth largest coins are “a USD-derivative, a do-nothing coin on a do-nothing chain, and CZ’s centralized computer,” and insists “Zcash or a similar type of privacy crypto belongs right below Ethereum.” The current Bitcoin correction, in Hayes’s reading, is also a warning. “The Bitcoin dive from $125,000 to the low $90,000s whilst the S&P 500 and Nasdaq 100 indices hover around all-time highs tells me that a credit event is brewing.” He sees scope for a 10–20% equity drawdown and a 10-year US yield near 5%. In that stress, “Bitcoin could absolutely drop to $80,000 to $85,000.” But if that forces the Fed and Treasury to “accelerate their money printing capers,” he believes Bitcoin “could zoom towards $200,000 or $250,000 at year end.” Hayes also expects China to join the next wave of easing once the US clearly accelerates dollar creation. He cites the People’s Bank of China’s recent purchase of government bonds as “the beginning of China QE” and notes Beijing’s anger at the US “stealing” Bitcoin from the Chinese pig butchering scam operator as evidence that Xi Jinping views Bitcoin as a strategic asset. “If both Trump and Xi, leaders of the two largest economies globally, believe that Bitcoin is valuable, why are you not bullish long term?” he asks. At press time, BTC traded at $90,477. Featured image created with DALL.E, chart from TradingView.com
The latest on-chain move comes as BTC's spot price continues to slide.
BTC looks oversold, according to the 14-day RSI indicator.
The Bitcoin price has seen a significant pullback, retracing nearly 26% from its all-time highs, fueling speculation about the potential onset of a new bear market. Compounding this uncertainty, a fresh sell signal has emerged from one of the cryptocurrency’s key indicators, reminiscent of the past when similar signals led to a staggering 67% drop in value. Bitcoin Price Could Plunge To $31,000 Market expert Ali Martinez pointed out in a recent post on social media platform X (formerly Twitter) that the last time the SuperTrend indicator issued a sell signal for Bitcoin was in 2022. At that time, Bitcoin, which had reached an all-time high of $69,000, subsequently fell to around $17,000. Related Reading: Can Strategy Survive A 90% Bitcoin Crash? Saylor Says Yes While the market landscape has changed significantly since then—with the introduction of exchange-traded funds (ETFs), new digital asset treasuries (DATs), and increased institutional support spurred by pro-crypto regulations—the current situation mirrors some of those past concerns. As it stands, the Bitcoin price is trading just above $94,500. If the historical trend of a 67% retracement were to repeat in the next months, the price could potentially fall to around $31,185, which could be the potential bottom of the new bear market. Adding to the conversation, another analyst known as Mr. Wall Street suggested that the recent Bitcoin price peak might be at $126,000. He forecasted that the next major downward move could see BTC hit levels between $74,000 and $82,000, ultimately reaching a target between $54,000 and $60,000 by the fourth quarter of 2026. This perspective contributes to the notion that Bitcoin is likely confirmed in a bear market, which could result in a year-long decline marked by price fluctuations similar to those seen in previous bear cycles. A New Death Cross Emerges Further complicating the outlook, analyst Doctor Profit pointed out a significant technical signal: the Bitcoin price experienced a death cross for the first time since April 2025. This event, marked by the 50-day moving average (MA) crossing below the 200-day moving average, historically led to rallies of 25% to 60% in the following three months. However, Doctor Profit emphasized a crucial difference this time around: the death cross occurred while Bitcoin was trading 6% below the 50-day exponential moving average (EMA50). In the previous instances, such crosses happened while Bitcoin was positioned above the EMA50, suggesting a different market sentiment this time. Related Reading: Here’s Why The Ethereum Price Is Crashing Again, Can It Breach $3,000? The current bearish sentiment is intensified by negative trends in ETF sales and whale net volume, adding significant pressure to the Bitcoin price. With the average entry price for Bitcoin buyers over the past six months set at approximately $94,600, falling back toward or below this level could trigger fresh selling pressure. Historically, short-term traders tend to exit at breakeven or even at a slight loss, raising concerns about further declines. Doctor Profit concluded his analysis stating: This combination of ETF selling, whale selling, and a large cluster of sellers sitting at breakeven levels is a dangerous setup and adds to the bearish case. Featured image from DALL-E, chart from TradingView.com
On-chain data shows the Bitcoin Stablecoin Supply Ratio has declined into the buy territory. Here’s what followed this signal in the past. Bitcoin SSR RSI Is Giving A Buy Signal In a new post on X, CryptoQuant community analyst Maartunn has talked about the latest trend in the Stablecoin Supply Ratio (SSR) for Bitcoin. The SSR is an indicator that measures how the market cap of BTC compares against the total supply of the stablecoins. Stablecoins refer to cryptocurrencies that are pegged to a fiat currency. Investors generally park their capital in the form of these assets when they want to avoid the volatility associated with BTC and other assets. Related Reading: Bitcoin Social Dominance Hits 4-Month High: What It Means Such holders also usually eventually invest back into Bitcoin and company, however, exchanging away their stablecoins in favor of them once they feel the time is right. Because of this reason, the stablecoin supply is often looked at as a sort of “available buy supply” in the cryptocurrency sector. When the value of SSR is high, it means BTC’s value is high compared to the stablecoin supply. Such a trend suggests the market stablecoin buying power is low, which could be a bearish sign. On the other hand, the indicator being low implies the sector may have a high amount of dry powder available relative to the Bitcoin market cap, which can naturally be bullish. Now, here is the chart for the BTC SSR shared by the analyst that shows the trend in its Relative Strength Index (RSI) over the last couple of years: As is visible in the above graph, the Bitcoin SSR RSI has witnessed a decline recently as the BTC spot price has crashed. This suggests that there may be a high amount of stablecoin buying power available in the market now. The indicator’s drop has been so steep that it has entered into a zone that Maartunn has flagged as pertaining to a buy signal. From the chart, it’s apparent that past instances of this signal have often coincided with some sort of bottom or led into a price surge. In a lot of the instances, however, the signal has only resulted in a temporary reversal. It now remains to be seen whether any bullish shift will follow the latest signal, and if one does, whether it will be lasting. Related Reading: Solana Air Gap: Analyst Says No Major Support Level Until $24 In some other news, a large movement involving dormant tokens has just occurred on the Bitcoin network, as Maartunn has pointed out in another X post. “4,668 $BTC aged 3–5 years were just spent — a clear spike in dormant supply activation,” noted the analyst. Movement from dormant hands is often a sign of selling. BTC Price Bearish momentum hasn’t shown any signs of stopping for Bitcoin as its price has now dropped to the $92,500 level. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
A fast reset in downside odds mirrors QCP’s warning of flat-footed pro desks, with Glassnode highlighting oversold momentum and moderating ETF outflows.
Data shows the Bitcoin Social Dominance has spiked to a 4-month high, something that has tended to be a reversal signal for the market. Social Media Is Shifting Attention To Bitcoin According to data from analytics firm Santiment, social media talk has recently become more concentrated on Bitcoin. The indicator of relevance here is the “Social Dominance,” which measures the percentage of cryptocurrency-related discussions on social media that a given asset accounts for. Related Reading: Solana Air Gap: Analyst Says No Major Support Level Until $24 The metric gauges social media talk using the Social Volume indicator, which tracks the total number of posts/threads/comments that contain unique mentions of the coin. To give a relative measure, the Social Dominance takes the Social Volume of the asset and compares it against the combined Social Volume of the top 100 digital assets. Now, here is the chart shared by Santiment that shows the trend in the Social Dominance for Bitcoin and a few major altcoins over the last few months: As shown in the graph above, Bitcoin Social Dominance spiked on Friday as the cryptocurrency’s price crashed. At the peak of this surge, 36.4% of all cryptocurrency-related discussions involved BTC. This was the highest that the metric had been since July 13th, when its value touched a high of 37.6%. Interestingly, this previous spike coincided with a top for the asset. Historically, digital assets have tended to move in a way that goes contrary to the expectations of the majority, so too much excitement or FUD among the retail social media crowd can act as a reversal signal. The July high in Social Dominance signaled FOMO among the traders, which could be why Bitcoin’s bullish momentum paused then. Another example of the pattern came in August, when this time Ethereum saw a surge in its Social Dominance, reaching a peak value of 19.1%. Alongside this market excitement, BTC and others hit a top again. Given that the latest spike in the indicator has come with a market crash, it’s possible that the high amount of discussions points to panic among the investors. “Though not a guaranteed crypto bottom signal, probabilities of a market reversal greatly increases when social dominance for Bitcoin surges,” explained the analytics firm. Related Reading: Bitcoin Crashes To $98,000 As HODLer Selling Accelerates The Social Dominance only contains information about social media platforms. One useful way of gauging the sentiment in the sector as a whole is through Alternative‘s Fear & Greed Index, which takes into account several factors, including social media data itself. During the weekend, the Fear & Greed Index fell to a value of just 10, indicating a strong extreme fear sentiment among Bitcoin investors. The last time the index went this low was in February, and the last time it was lower was all the way back during the 2022 bear market. BTC Price At the time of writing, Bitcoin is trading around $95,300, down over 10% in the last week. Featured image from Dall-E, Alternative.me, Santiment.net, chart from TradingView.com
Complex post-merger accounting prompts a late filing while losses mount and the shares slip further.
A high-stakes crypto trader was wiped out on HyperLiquid before immediately piling back into massive leveraged shorts on GMX — echoing past blow-ups from reckless market punters.
Rising whale activity hints at strategic positioning during bitcoin’s downturn.
Crypto analyst Colin has revealed that the Bitcoin price has flashed a death cross, which he noted was bullish for the flagship crypto. This comes amid BTC’s recent decline, which has erased all its year-to-date (YTD) gains. Bitcoin Price Flashes Death Cross, Marking Potential Bottom In an X post, Colin stated that a death cross just flashed for the Bitcoin price, with the “ironically” bullish indicator triggering at the same time that BTC tagged the lower boundary of its megaphone pattern. The analyst noted that this is a bullish setup from this point forward, as the death cross often marks bottoms. He indicated that this is likely the bottom, as BTC has ended at the lower end of the megaphone pattern channel. Related Reading: Bitcoin Price Won’t Crash To $92,000, Here’s Why Colin remarked that these factors combined indicate a high likelihood of a move up for the Bitcoin price from its current level. He added that a bounce is likely in the short term. However, the analyst noted that the bigger question is whether this would be a bounce to new all-time highs (ATHs) or just a relief rally on the way down in a bear market. Regardless of what happens, he is optimistic that an upward move will occur in the short term. Colin also alluded to the fact that the Federal Reserve will end quantitative tightening (QT) by December, a move which he described as another bullish catalyst for the Bitcoin price. This move is expected to inject more liquidity into the BTC and possibly spark higher prices for the flagship crypto. The Fed could also cut rates again at the December FOMC meeting, which would be a bullish catalyst for Bitcoin. Another Analyst Confirms Death Cross Popular crypto analyst Benjamin Cowen also confirmed that the Bitcoin price just had a death cross. He noted that prior death crosses have marked local lows in the market. However, he added that the death cross rally fails when the cycle is over, which could be the case this time if the bull market is over. Related Reading: Why Are The Bitcoin, Ethereum, And Dogecoin Prices Down Again? Cowen stated that the time for the Bitcoin price to bounce if the cycle is not over would start within the next week. The analyst further remarked that if no bounce occurs within one week, another dump is likely before a larger rally back to the 200D SMA, which he claimed would mark a macro lower high. Meanwhile, market analyst Subu Trade shared data on how BTC has reacted after historical death crosses. The last death cross occurred in April this year, and the flagship crypto recorded a 22% gain following it. At the time of writing, the Bitcoin price is trading at around $95,100, down in the last 24 hours, according to data from CoinMarketCap. Featured image from Pngtree, chart from Tradingview.com
Despite recent price losses, XRP is still up 89% on a 365-day basis.
Michael Saylor is explicitly telling markets that Strategy (MSTR) has been built to withstand a Bitcoin crash that would wipe out almost every other leveraged player in the ecosystem. In an interview with Grant Cardone streamed live on November 14 , the Strategy executive chairman drew a clear theoretical stress line for the company’s balance sheet and stated that even a catastrophic move lower in BTC would not force him to liquidate the core position. Strategy Can Eat A 90% Bitcoin Collapse Asked how far Bitcoin would have to fall before MicroStrategy faces real danger, Saylor answered with balance-sheet math rather than rhetoric. He pointed to roughly eight billion dollars of debt and tens of billions in equity value tied to Bitcoin, and then set the threshold: Bitcoin, he said, “would have to fall 90% from here for us to be sort of collateralized, to be one-on-one.” Related Reading: Bitcoin Indicator Sounds Buy Alarm For The First Time Since March — Return To $110K Soon? Even at that point, his first response would not be to sell BTC into a collapsing market. Instead, he described equity holders as the primary buffer. “We probably would dilute the equity, and so it would be bad for the equity,” he told Cardone, before stating the hierarchy even more bluntly: “The equity is going to be a loser.” By contrast, he framed liquidation as essentially off the table in any realistic bear market scenario. When Cardone pressed him on whether Strategy could be forced to unwind its Bitcoin position, Saylor answered flatly: “We’re not going to liquidate.” The bond side only enters the conversation in an almost total-loss scenario. “If Bitcoin fell to zero tomorrow forever, then the bonds would default,” Saylor said. He then compressed the entire risk profile into a single line: “If you think Bitcoin is going to go to $10,000, I think we’re good. If you think Bitcoin’s going to a dollar tomorrow forever, then yeah, the bonds would default.” Related Reading: How Low Can Bitcoin Price Go? JPMorgan Points To A Key Threshold That framing makes the structure very clear. Equity is a highly levered, high-beta claim on Bitcoin that can be diluted if necessary. Bondholders and holders of MicroStrategy’s various credit-like instruments only face real danger if Bitcoin essentially dies as an asset class. The 4-Year Cycle Is Dead Saylor also used the interview to distance himself from one of the core narratives many Bitcoin traders still live by: the four-year halving cycle. His view is that the mechanical supply cut may have helped shape earlier phases of Bitcoin’s monetization, but it is no longer the dominant driver of price in a market now intertwined with global macro and institutional flows. “I don’t believe in four-year cycles anyway,” Saylor said. “I never believed in the— I think that they might have had some credence in the first 12 years.” He then shifted straight to scale and order of magnitude. After [the last] halving, the reduction in new supply is on the order of a couple hundred BTC a day. In his translation, “225 Bitcoin a day get taken out of the supply after the next halving, that’s twenty million dollars or twenty-two million dollars of buying.” Against a spot and derivatives complex that can see tens or even hundreds of billions of dollars in notional volume in a single session, that number, he argued, is marginal. “Trust me, twenty million dollars of buying… is not even a third-order issue at this point,” he said. What matters now? “The dynamics in the market are much more that Jerome Powell thinks he wants to hold interest rates higher for longer. It’s macroeconomics. It’s political. It’s structural. When IBIT’s derivatives market went from $10 billion to $50 billion, it did that in four weeks. […] It’s the actions of the mega finance actors that are determining the future of Bitcoin right now, Saylor said. At press time, Bitcoin traded at $95,624. Featured image from YouTube, chart from TradingView.com
Bitcoin has fallen below a key support level, breaking a bullish pattern.
Dorman says fears that Strategy will be forced to sell bitcoin are misplaced, citing the firm’s balance sheet, governance and cash flow.
Analysts highlighted retail distress, rare social-dominance surges and warnings of a possible deeper pullback as several major tokens remained under pressure.
The Bitcoin price has ostensibly continued down in its bearish direction, which started in the second week of October. After slipping beneath the psychological $100,000 support, worries have surfaced among Bitcoin market participants regarding the broader market structure. Interestingly, the latest on-chain evaluation justifies this worry, as the downside bias for the Bitcoin price seems to be on the rise. Binance Taker Imbalance Falls Into Negative Territory In a Quicktake post on the CryptoQuant platform, on-chain research firm Arab Chain revealed an increase in sell-side momentum for Bitcoin on Binance, the world’s largest exchange by trading volume. This revelation revolves around the BTC Taker Imbalance % metric, which tracks whether the market is dominated by aggressive buyers or sellers. Narrowing it down, this metric offers insights into taker activity on Binance. Related Reading: Bitcoin Moves Beyond Retail — Institutional Ownership Now Defines The Market Because the metric works by revealing the percentage difference between taker buy volume and taker sell volume, readings with positive values suggest the dominance of buyers in the market. On the contrary, negative readings reveal a seller-dominated market. As Arab Chain reported, there has been an evident spike in the amount of selling pressure in recent hours. A Taker Imbalance % reading of -0.17%, which typically reflects continued bearish action, supports this observation. Moreover, the research firm pointed out that there has been an evident difference between the selling and buying volumes recently. The Quicktake post revealed a record of $1.517 billion in selling volume against $1.058 billion dedicated to buying power, making it clear what party is currently winning this Bitcoin price tussle. Is $92,000 The Next Bitcoin Price Target? What’s interesting is, the current seller-dominated market has caused the BTC price to continuously hover around the key $94,000 level. Arab Chain noted that each attempt by the Bitcoin price to rise has faced an even greater amount of sell resistance, dousing any serious bullish momentum. The grey bars in the above chart suggest that this increasing bearish pressure might not just be a market correction; instead, it reflects a recurrent injection of sell-pressure, one which Arab Chain implied would eventually defeat the weaker buy-side liquidity at the current support. In the likely scenario where more bearish momentum is injected to push the market to the downside, the next level, which could act as a cushion for price, lies around $92,000. If a significant amount of liquidity is not introduced to neutralize the dominance of Bitcoin’s sellers, the Bitcoin price could see an even deeper bearish correction. At press time, Bitcoin is valued at $96,241, reflecting a nearly 2% loss in the past day. Related Reading: Bitcoin Crashes To $98,000 As HODLer Selling Accelerates Featured image from iStock, chart from TradingView
Bitcoin’s technical structure is flashing a rare and powerful signal. Despite a recent price dip, a bearish-sounding Death Cross has just triggered precisely at a major structural support, the lower boundary of a long-term pattern. This bullish confluence, where historical market bottoms align with key technical support, suggests that the correction is complete and a significant upward bounce is imminent in the short term. $100,460 Range Low Now Flipped Into Key Resistance BTC has officially lost the range low and slipped to the $96,000 area, according to Lennaert Snyder, who outlined a clear game plan for the days ahead. He noted that the former range low of $100,460 has now flipped into a key resistance level, shaping the next phase of market behavior. Related Reading: Bitcoin Rejection Was No Accident — Now The Battle Shifts To $93,000–$97,000 Survival Zone Snyder explained that if Bitcoin retests the $100,460 mark, the reaction will determine the next move. A rejection at that level would favor short setups, while a successful reclaim would open the door for bullish opportunities. Should BTC reclaim the range low, Snyder expects bullish momentum to kick in, with the first target sitting near the $103,460 resistance area. A push into that zone would signal that buyers are regaining meaningful control over the market. Despite the recent drop, Snyder emphasized that there’s still plenty of liquidity and support below current prices while watching for deeper tests that could provide long entries once reversal signals begin to form. Overall, the market remains technically clean, and price action continues to respect every level with precision. Death Cross Triggers At Megaphone Support — Timing Could Be Perfect For Bitcoin According to a recent post by Colin Talks Crypto, Bitcoin has just flashed a major signal, the Death Cross, which has historically aligned with market bottoms rather than tops despite its ominous name. What makes this even more compelling is its perfect timing: the setup triggered at the exact moment BTC touched the lower boundary of its expanding megaphone pattern. Related Reading: Bitcoin Crashes To $98,000 As HODLer Selling Accelerates The expert noted that this scenario was projected weeks in advance, with mid-November marked as the window to watch. Right on schedule, Bitcoin has landed precisely where the analysis suggested it would. Colin explained that death crosses often act as bottom markers at the tail end of downtrends. Pairing that with BTC hitting a major structural support gives the setup even stronger bullish undertones. It’s not just a technical coincidence – it’s a confluence backed by pattern behavior. With these elements lining up, he believes the probability of an upward reaction from here is high. The chart structure now favors a short-term bounce, suggesting that Bitcoin could soon shift away from weakness and begin carving out a recovery move. Featured image from Pixabay, chart from Tradingview.com
The sell-off is attributed to a combination of factors, including profit-taking, institutional outflows, macro uncertainty, and low liquidity.
If it seems like bitcoin prices react particularly negatively to falling stocks, but don't do a whole lot when stocks fly higher, you're not imagining it.
The Bitcoin price has continued its horrendous run of form in the final quarter of 2025, ending the year pretty much as it began. Having lost the psychological $100,000 level on Thursday, November 13, the premier cryptocurrency appears to be free-falling under significant bearish pressure. Theories and debates continue to swirl around whether the Bitcoin price is merely feeling the effect of a naturally volatile crypto market or the bear season is slowly kicking in. A specific hypothesis explains that a loss of a certain technical level could spell a longer period of correction for BTC. Factors Behind The Bitcoin Price Collapse In a Quicktake post on the CryptoQuant platform, XWIN Research hypothesized and proposed how long the current Bitcoin price downturn could last. Before diving into its theory, the digital asset research firm first highlighted some of the factors behind the current decline in BTC’s price. Related Reading: How Low Can Bitcoin Price Go? JPMorgan Points To A Key Threshold XWIN Research revealed that the decreased expectations for a December rate cut are one of the reasons behind the recent decline. The shift in the Federal Reserve’s stance dragged the Bitcoin price below the key $100,000 level. Secondly, the crypto analytics firm noted that capital flows into spot exchange-traded funds (ETFs) have reversed sharply, with the investment products seeing nearly $1.1 billion in outflows in recent days. These massive withdrawals signal a waning institutional demand and general market sentiment. Finally, XWIN Research revealed that the excessive leverage in the market unwound violently. “Once major supports broke, cascading liquidations triggered more than 600 million USD in forced long closures within hours. Added to this were exchange-related rumors and DeFi security incidents, pushing sentiment into extreme fear,” the analytics firm wrote. How Long Could This Decline Continue? After outlining the factors behind this Bitcoin price decline, XWIN Research put forward a theory and a potential timeline for the future trajectory of the flagship cryptocurrency. With the $92,000 – $94,000 region being pinpointed as the next critical support, a breach of this zone could see the price of BTC fall to around $85,000. XWIN Research wrote in its Quicktake post that this $92,000 breakdown could see the Bitcoin price correction linger until early or mid-2026. However, the DeFi analytics firm noted that recent on-chain data offers a more optimistic outlook for the market leader. For instance, the cost basis of 6-to-12-month holders stands around $94,000, serving as a strong structural support. So long as the Bitcoin price stays above this band, the long-term bullish case for the premier cryptocurrency remains intact. XWIN Research added: Several catalysts could drive the next recovery. The most important is an improvement in macro conditions: a shift toward rate cuts or broader liquidity expansion in 2026 would draw capital back into risk assets. As of this writing, the price of BTC stands at around $94,930, reflecting a nearly 4% decline in the past 24 hours. Featured image from iStock, chart from TradingView
The recent Bitcoin price crash below the $100,000 psychological level has fueled a new wave of bearish predictions, yet not everyone is convinced that a deeper decline is imminent. While many traders expect a correction to $92,000, one analyst has rejected the idea of a price breakdown, insisting that Bitcoin still has unfinished upside potential before any significant retracement Why The Bitcoin Price Won’t Decline To $92,000 Crypto analyst @YazanXBT has become one of the loudest voices negating the increasingly popular $92,000 crash target for Bitcoin. The analyst took to X social media on November 13 to inform the crypto community that, rather than a drop to $92,000, BTC is gearing up for a new all-time high of $145,000. Related Reading: Here’s When The Next Bitcoin Parabolic Phase To $297,092 Will Begin The analyst backed up his bullish projection by pointing to a similar moment during BTC’s previous bear market bottom. He stated that at the time, many people were certain that the Bitcoin price would fall to $12,000 or even $10,000. But instead, the cryptocurrency bottomed at $15,800 before staging one of its strongest price recoveries ever. Essentially, @YazanXBT’s message implies that mass bearish consensus is often a signal that the opposite outcome is more likely. In response to his X post, a crypto community member argued that Bitcoin still has an unfilled Chicago Mercantile Exchange (CME) gap at $92,000. They noted that, based on historical behavior, BTC tends to fill CME gaps before making new highs, implying that a crash is imminent. @YazanXBT dismissed the bearish outlook, reiterating that Bitcoin is much more likely to rally to $145,000 before any pullback to fill the $92,000 CME gap. Notably, a surge to $145,000 would require Bitcoin to break out of its current bearish pressures and climb roughly 50% from where it stands. After seeing weeks of capitulation and massive price declines, BTC is now trading slightly above $96,000, showing no apparent signs of a rebound. Analyst Claims BTC Crash Looks Like Manipulation Crypto market expert @CottonXBT shared a detailed price chart, which highlighted Bitcoin’s drop below $97,000 this week. The chart layout, featuring sharp sell-offs and rapid wicks, has led him to call the recent price dip a possible sign of manipulation rather than a genuine trend reversal. The analyst stressed that this type of price action often occurs when large players attempt to shake out retail investors before driving the market higher again. He urges investors to ignore the Fear, Uncertainty, and Doubt (FUD) and buy more BTC. Related Reading: Popular Crypto Trader Reveals Why Bitcoin Price Is Still Crashing Similarly, other market watchers are interpreting Bitcoin’s pullback as a rare opportunity to accumulate below the $100,000 mark. Simon Dixon, the CEO and co-founder of the online investment platform BnkToTheFuture, urged investors to take advantage of current low levels, noting that they will be getting more BTC for their “fiat shitcoin.” Featured image from Pixabay, chart from Tradingview.com
In the latest financial report, American Bitcoin (ABTC), co-founded by Eric Trump and Donald Trump Jr., has announced significant profits for the third quarter (Q3) of the year. The company, operating as a miner and buyer of the world’s largest digital asset, experienced a profit boost due to improved margins. American Bitcoin Surpasses Previous Earnings During Q3, American Bitcoin reported a revenue of $64.2 million, showcasing a notable increase compared to the previous quarter. The net income for this quarter reached $3.5 million, slightly exceeding the $3.4 million earned in Q3 of the previous year. Related Reading: By The Numbers: First Spot XRP ETF Achieves Record Launch Amid 900 Competitors Throughout the quarter, the company acquired over 3,000 BTC through a combination of mining operations and strategic purchases, joining companies like Strategy (formerly MicroStrategy) in accumulating Bitcoin and betting on its long-term prospects. As of September 30, American Bitcoin held a total of 3,418 BTC in its reserves. The company significantly boosted its Bitcoin mining capacity by around 2.5 times quarter-over-quarter, adding approximately 14.8 exahash per second (EH/s) to reach a total capacity of approximately 25.0 EH/s by the end of September. In a post-earnings conference call, Eric Trump expressed pride in the company’s growth since its debut on Nasdaq, highlighting the addition of over 3,000 Bitcoin to their reserves and positioning American Bitcoin among the leading public Bitcoin treasuries. Eric Trump also emphasized the success of American Bitcoin’s strategy in the third quarter, underscoring the efficiency of their scalable and asset-light mining operations in generating Bitcoin below market rates. ABTC Stock Surges 5%, Bitcoin Drops Toward $95,000 CEO Mike Ho, in a conference call, highlighted the cost efficiency of American Bitcoin’s mining operations, stating that they mine at a significantly lower cost compared to conventional vehicles that acquire Bitcoin at spot prices. Ho further emphasized the company’s strong performance in the third quarter, showcasing accelerated growth in mining capacity, revenue, and gross margin improvements, he stated: Our third-quarter performance reflects the speed, discipline, and precision with which we are executing against our differentiated Bitcoin accumulation model. We more than doubled our mining capacity, more than doubled revenue, and grew gross margin by seven percentage points quarter-over-quarter. Related Reading: Dogecoin Shows Relative Strength: Breakout Signal Sits At This Price As a majority-owned subsidiary of Hut 8 Corp, American Bitcoin stands as a leading player in the crypto industry, with a strategic focus on efficient Bitcoin accumulation through mining practices. On Friday, the company’s stock, ABTC, surged by 5% toward the $5 mark. Meanwhile, Bitcoin has continued to decline in price since mid-October, reaching $95,328 at the time of this writing — a 24% drop from its all-time high. Featured image from DALL-E, chart from TradingView.com
Bitcoin has slipped below the $100,000 mark, now trading around $97,000 for the first time since May, as selling pressure intensifies across the market. Bulls are struggling to defend critical support, and sentiment has turned decidedly fearful, with traders scaling back leverage and rotating into stablecoins amid heightened volatility. Despite this weakness, on-chain data suggests that large buyers may already be positioning for a potential rebound. Related Reading: $1.33B Ethereum Whale Just Moved Another $120M USDT to Binance – Details According to CryptoQuant analyst Maartunn, massive bid walls have been spotted on Binance Futures, signaling that aggressive buyers are stepping in to absorb the recent wave of selling. Historically, such large-scale bids have often coincided with local bottoms, as whales and institutional traders accumulate into weakness. This emerging liquidity pattern may suggest growing confidence among deep-pocketed players that Bitcoin’s downside could be limited. However, with macro uncertainty still weighing heavily on the market, traders remain cautious. Aggressive Buyers Step In As Bid Walls Signal Dip Accumulation According to CryptoQuant analyst Maartunn, recent order book data reveals a strong layer of support forming on Binance Futures, where two major bid clusters have emerged — one around 800 BTC and another stacking up to 2,000 BTC. This concentration of buy orders suggests that large traders, often referred to as aggressive dip buyers, are actively accumulating Bitcoin at current levels around $97,000. Bid walls of this size are significant because they indicate a willingness among deep-pocketed investors to absorb selling pressure and defend price levels perceived as undervalued. In practice, such large orders create a temporary price floor, making it harder for BTC to fall further without massive selling volume. This behavior is often observed in early phases of market reversals. Smart money begins building positions while retail sentiment remains fearful. Maartunn notes that these clusters reflect renewed confidence from high-volume traders who see long-term value despite the recent correction. If these orders remain active and continue to absorb liquidity, Bitcoin could stabilize above the $95,000–$97,000 range. Historically, periods of strong bid support have preceded short-term relief rallies, suggesting that the current dip may be setting the stage for a broader recovery. Related Reading: BTC Leverage Cooldown Signals Market Reset: OI Drops 21% As Excess Risk Is Flushed Out Bitcoin Tests Key Support After Losing $100K Bitcoin’s price action has turned increasingly fragile, with the asset now trading near $96,800, its lowest level since May. The three-day chart shows a decisive break below the $100,000 psychological threshold, confirming a short-term bearish shift as sellers dominate. Volume has spiked notably in recent sessions, suggesting panic-driven liquidations as traders unwind leveraged positions. The 50-day moving average has crossed below the 100-day, signaling fading momentum, while the 200-day moving average — currently near $88,000 — stands as the next central support zone if selling pressure persists. Despite the breakdown, price is showing early signs of stabilization around current levels, hinting that dip buyers may be stepping in. Related Reading: Ethereum Whale Adds $105M To His ETH Position – $1.33B Bought Since Nov 4 Market structure remains corrective but not fully bearish. Bitcoin has repeatedly found support above its 200-day MA during previous mid-cycle retracements. A pattern that often precedes recovery once selling exhausts. The RSI (not shown here) is likely near oversold territory, reinforcing this view. If BTC can reclaim and hold above $100,000, a short-term relief rally toward $105,000–$108,000 could unfold. However, failure to defend $95,000 may accelerate the decline toward $90,000. Overall, the chart reflects a market in consolidation, balancing between capitulation risk and early accumulation. Featured image from ChatGPT, chart from TradingView.com
Earlier on Friday, Bitcoin (BTC), the leading cryptocurrency in the market, retraced further toward the $94,500 mark, intensifying concerns about a potential bear market for the broader digital asset industry. In light of this, Bitwise CEO Hunter Horsley made some thought-provoking remarks about the current market conditions, suggesting that a bear market cycle has been playing out for the past six months. New Bullish Phase Ahead For Bitcoin? In a post shared on social media platform X (formerly Twitter), Horsley emphasized the shift in market dynamics, stating, “We talk about four-year cycles, but the reality is that model is based on a bygone era of crypto.” He pointed out that with the advent of Bitcoin exchange-traded funds (ETFs) and a new pro-crypto administration by President Trump, the landscape has evolved significantly. Related Reading: By The Numbers: First Spot XRP ETF Achieves Record Launch Amid 900 Competitors “We’ve entered a new market structure,” Bitwise’s CEO explained, highlighting the introduction of new players and the changing reasons behind buying and selling behaviors. Horsley’s statement could be met with optimism for investors about the future direction of crypto prices, suggesting that the digital asset ecosystem may soon transition into a new bullish phase. “I think there’s a pretty good chance that we’ve been in a bear market for almost six months now and are almost through it,” he remarked, noting that the current market setup appears stronger than ever. Animoca Brands Co-Founder Weighs In Meanwhile, crypto-linked stocks also experienced declines on Friday. Notably, Strategy (previously MicroStrategy), which focuses on a Bitcoin treasury strategy, saw its shares drop by 6%. Other significant players, including Gemini (GEMI) Space Station and Bullish (BLSH), saw their stock prices decrease by 2%, while Coinbase’s (COIN) shares fell by 1%. Further, digital asset mining firm Bitmine Immersion Technologies traded 3% lower. Adding to the discourse, Yat Siu, co-founder of the blockchain development firm Animoca Brands, shared insights with CNBC, stating that lack of liquidity in the market has led to investors divesting certain assets to address financial concerns. “There’s less money in the system,” Siu noted, attributing some sell-offs to those shortfalls. Related Reading: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead Siu echoed Horsley’s perspective, suggesting that this current market cycle may differ from previous ones, particularly due to the influx of institutional investment in digital assets. He explained that institutional investors do not typically follow the longstanding belief system of major Bitcoin holders regarding the four-year price cycle. “People think Bitcoin is going to go down to $60,000 because of the four-year cycle and the token’s history of drops and corrections,” Siu explained. However, he believes that these institutions will view market downturns more as buying opportunities than signals for panic. As of this writing, BTC has recovered the $96,750 line but is still recording losses of 4% over the past 24 hours and seven days. Featured image from DALL-E, chart from TradingView.com
BTC has tumbled nearly 9% this week, while ETH, SOL declined even further and XRP outperformed.
A crypto analyst who famously forecasted the dramatic Bitcoin (BTC) crash to $20,000 in 2021 has caught the attention of investors and traders with a new warning about Solana (SOL). In a technical analysis, he identifies a critical resistance zone that he believes must be reclaimed soon. Without recovery, he warns that the SOL price could break down toward a much lower level, deepening the cryptocurrency’s already persistent downtrend. Bitcoin Crash Caller Issues New Solana Alert After projecting BTC’s collapse four years ago, crypto market expert DonAlt is highlighting new risks in Solana. In one of his latest analyses, DonAlt shared a detailed look at Solana’s price structure, including a chart that highlights a major red resistance zone between $190 and $215. Related Reading: Ripple Exec Reveals Why The Bitcoin Price Is So High Now According to him, this is the range level Solana must recover to avoid a deeper correction. The analyst explained that his stance on Solana has been bearish for some time, and the recent rejection from this key resistance area has only reinforced that outlook. The SOL price chart shows several failed attempts to close above the red box, suggesting that sellers may still be controlling the trend despite recent accumulation. The upper range line around $250 has acted as an unyielding ceiling for months now, and DonAlt has indicated that as long as Solana trades significantly below it, the market should be considered structurally weak. Currently, the altcoin’s price has slipped toward mid-range levels, and the weekly timeframe is starting to exhibit early signs of a bearish breakdown. In a previous report, DonAlt presented the same chart structure, emphasizing that Solana’s price action remains “awful” unless buyers step in within two days to rescue the weekly close. If they fail to do so, he expects the cryptocurrency’s price to fall back toward the range support at $126. At the time of writing, Solana is trading around $141, meaning a decline to $126 would represent a more than 10% drop in value. Notably, the bearish pressure is visible on the chart candles, which continue to weaken each time Solana approaches the red resistance zone. The trend reflects a diminishing strength and a steady decline in momentum, further augmented by the broader crypto downtrend and rising volatility. SOL HTF Chart Signals Severe Breakdown Risk DonAlt has also displayed a High-Time Frame (HTF) chart that he considers one of the most bearish he has seen in recent months. The chart shows a clean rejection from the upper boundary near $208, underscoring the weakness developing in higher timeframes. Related Reading: XRP Set To Lead The Next Bull Rally: Crypto Research Firm Blows The Lid Open While many traders assume that bearish setups fail when they become too obvious, DonAlt suggests that the current situation with Solana is opposite. He points out that almost no one is panicking or even discussing the potential risks, which is even more unusual, indicating that this silence may be masking real vulnerability. Featured image created with Dall.E, chart from Tradingview.com
The cryptocurrency market is experiencing a wave of declines, leaving investors concerned as the Bitcoin, Ethereum, and Dogecoin prices fall sharply. Despite experiencing a period of recovery earlier this week, all three digital assets are now facing renewed downward pressure. The latest price declines are driven by both macroeconomic uncertainty and internal market factors, underscoring how sensitive the crypto market remains to changes in investor sentiment. FED Skepticism Fuel Decline In Bitcoin, Ethereum, And Dogecoin The recent decline in cryptocurrency prices comes amid growing doubts over the Federal Reserve’s (FED) approach to interest rates. Recent remarks from FED officials, including the President of the Federal Reserve Bank of Minneapolis, Neel Kashkari, have cast uncertainty on whether the central bank will deliver a third consecutive easing of policy during the December FOMC meeting. Related Reading: Why The Bitcoin Price Crash Is Important If Wave 5 Corrects To $94,000 According to Bloomberg reports, Kashkari noted that recent economic data suggested more resilience than was initially anticipated, sparking a debate over the necessity of further rate cuts. This cautious stance has unsettled financial markets, causing investors to reconsider earlier positions as former expectations of a rate now appear uncertain. Notably, Bitcoin, Ethereum, and Dogecoin have reacted sharply to the prevailing sentiment caused by the doubts in monetary easing. Their prices have plummeted, accelerating the broader correction that has been dragging on for months. This decline is also being augmented by large-scale whale sell offs and lingering ambiguity surrounding new developments in the previous US government shutdown. How Much BTC, ETH, And DOGE Declined This Week In addition to macroeconomic factors, market dynamics are also contributing to crypto losses. CoinMarketCap’s data shows that the Bitcoin price crashed below $97,000 for the first time since May 2025. It has fallen more than 5% over the week and dropped another 6.4% in a single day. Related Reading: Analysts Share Forecasts As Ethereum Price Struggles Below $4,000, And It’s Very Bearish Amidst this decline, long-term BTC holders are reportedly selling at record levels, fueling the downtrend. Additionally, institutional demand is weakening while investor sentiment has turned negative. Even Spot Bitcoin ETF activity is plummeting, recording over $866.7 million in net outflows yesterday—the second largest in its history. Ethereum has also been hit hard, losing more than 10% in the past 24 hours and over 5% this week. The price has steadily trended downward for weeks and shows no clear signs of recovery. At the time of writing, ETH is trading at $3,200, down more than 35% from the ATH levels above $4,950 set in August this year. Dogecoin, while only slightly affected by the broader bearish trend, is now trading at $0.165. It has fallen by approximately 2.3% during the week and by an additional 8% in one day. Collectively, these widespread declines suggest that the market may be experiencing a period of extreme stress, as all three cryptocurrencies have recorded double-digit monthly losses. Featured image from Freepik, chart from Tradingview.com