Bitcoin kicked off the week on a sour note, sliding to its weakest level in more than six months as leveraged trades unraveled and U.S. spot ETFs continued to bleed capital.
The world’s largest cryptocurrency was hovering near $95,000 on the morning of Nov. 17 (Asia time), according to crypto.news. Earlier in the session, BTC briefly broke below the $94,000 support, hitting an intraday low of $93,029 — a price not seen since April 12.
After a sharp 10.6% drop over the past week, Bitcoin now sits 24.6% below its all-time high of $126,000, which it reached just about a month ago.
Liquidations Pile Up as Rate-Cut Hopes Fade
Monday’s decline came as derivatives traders rushed to unwind risk. Markets have been dialing back expectations of another Federal Reserve rate cut this year — and that shift alone has been enough to sour sentiment across risk assets, including crypto.
The CME FedWatch Tool now shows just a 43.9% probability of a 25-basis-point cut in December. On Polymarket, traders place that likelihood at 46%, down sharply from over 80% at the start of November.
As confidence faded, leveraged bets cracked:
- Roughly $243 million in Bitcoin futures positions were liquidated in the past 24 hours.
- Long traders took the biggest hit, accounting for $136.6 million of that total.
Large liquidation waves often trigger chain-reaction selling — similar to last month’s massive flush-out that wiped more than $20 billion from the market.
ETF Outflows Add to Selling Pressure
The pressure isn’t just coming from futures markets. U.S. spot Bitcoin ETFs have also been seeing steady capital flight.
Data from SoSoValue shows that the 12 U.S. spot Bitcoin ETFs have recorded over $2.3 billion in net outflows in just the last two weeks.
Such persistent outflows suggest that institutional investors are losing confidence — and their retreat could continue weighing on Bitcoin through the week if macro uncertainty persists.
Technical Signals Turn Bearish: Death Cross Confirmed
The charts aren’t offering much comfort either.
Bitcoin has now confirmed a death cross on the daily timeframe — a bearish signal triggered when the 50-day simple moving average dips below the 200-day simple moving average. Historically, BTC has often faced extended downside pressure after this pattern appears.
Additional signs of weakening momentum include:
- Last week’s weekly close below the 50-day EMA for the first time since August 2023.
- The Aroon Up reading at 92.86% and Aroon Down at 0%, indicating bears firmly in control.
What’s Next for Bitcoin? Key Levels to Watch
For now, Bitcoin is holding in a tight support area between $93,770 and $94,000. Losing this range could open the door to a slide toward the $90,000 psychological level, or potentially deeper if selling pressure accelerates.
Crypto traders will be watching ETF flows, macro indicators, and liquidation trends closely as the week unfolds — but for now, the bears seem to have the upper hand.
Also Read: Fed’s Stephen Miran Says Stablecoins Won’t Replace Bank Deposits
