Earlier today BTC briefly plunged toward $96,000 – taking its drop from October’s record high to more than 20%.
The latest downturn marks another chapter in what has become a bruising month for crypto. Leveraged traders continue to be wiped out at scale, and institutional flows — once the backbone of Bitcoin’s 2025 rally — are abruptly reversing.
Market volatility remains extreme. Following the historic Oct. 10 cascade that erased over $1 trillion from the total crypto market capitalization, liquidations have not slowed.
Institutional demand didn’t step in to cushion the move. US Bitcoin ETFs registered almost $870 million in net outflows on Thursday, the second-largest withdrawal since the products launched — a stark reversal from September’s aggressive accumulation trend.
Risk-off sentiment appears to be spreading from equities to crypto. A short-lived rebound in stock markets following the end of the US government shutdown evaporated as traders reassessed the likelihood of Federal Reserve rate cuts. With major economic reports delayed, uncertainty is weighing heavily on high-volatility assets.
Charts from prominent analysts amplify concerns. BTC has broken below a long-standing ascending trendline that provided support throughout 2023 and 2024 — a level closely watched by swing traders and institutional desks.
Ali Martinez called the latest breakdown “NOT good”, highlighting the decisive breach of the multi-year support diagonal.
This is NOT good! pic.twitter.com/mSkGMf3tNn
— Ali (@ali_charts) November 14, 2025
Michaël van de Poppe added that sentiment around Bitcoin’s four-year halving cycle is shifting: for many market participants, the assumption of a pre-halving peak is fueling panic selling.
He notes that a reclaim of $101,000 would be required to even consider the possibility of a bullish reversal, while sub-$100K makes further downside statistically more likely.
In order to have a trendswitch, markets need to bounce above the previous support level to reclaim that level for support.
Of course, $BTC is showing weakness here, and it's sub $100K, so then you'd like to see a reclaim of $101K to think of any upwards rally.
Key reason for… pic.twitter.com/WsJA5ZwHBZ
— Michaël van de Poppe (@CryptoMichNL) November 14, 2025
Meanwhile, data from Glassnode — shared by Trirem Trading — indicates that long-term holders have been realizing profits at a rate consistent with past market tops, though they argue this reflects normal capital rotation rather than panic-driven dumping.
Long term holders have been taking profits this cycle just like every previous one.
By late August, realized profit from seasoned investors hit levels typical of past bull market peaks.
This is not OG dumping but normal profit rotation seen in healthy market cycles. pic.twitter.com/faFDJVtr8W
— Trireme (@triremetrading) November 14, 2025
Beyond price action, trading conditions have deteriorated. According to Kaiko, Bitcoin’s market depth has fallen roughly 30% since the Oct. 10 wipeout, making the market more sensitive to large sell orders.
Options desks also confirm shifting positioning. Traders are increasingly turning to straddles and strangles, strategies designed to profit from volatility rather than directional movement. Demand for these neutral structures suggests that the market collectively expects large swings in either direction — and soon.
Bitcoin is now negative year-to-date when measured from President Trump’s inauguration, and analysts warn that little technical support exists until the low-$90,000 region. With ETF outflows accelerating, liquidity thinning, and risk aversion dominating macro markets, sentiment remains fragile.
However, a growing number of on-chain researchers maintain that the selloff is still within the bounds of a typical late-cycle shakeout. Long-term holders taking profit, leveraged excess being flushed, and volatility-hedging in options markets all resemble behavior seen ahead of previous major Bitcoin expansions.
For now, though, price action rules — and traders across the crypto spectrum are bracing for a turbulent weekend.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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