The crypto market faced another brutal day on Tuesday, Nov. 18, as Bitcoin tumbled below the crucial $90,000 support level and dragged the rest of the market into deeper losses. With more than $1 billion in liquidations and investor sentiment sinking to “Extreme Fear,” traders are bracing for more volatility ahead.
Bitcoin Hits 7-Month Low
Bitcoin led the decline, plunging from around $95,900 to an intraday low of $89,455 — its weakest level since April. At the time of writing, BTC is hovering near $89,812, down 5.1% in the last 24 hours and nearly 29% below its all-time high of $126,080 set just six weeks ago.
Ethereum followed suit with a 5.3% pullback, slipping closer to the $3,000 mark. Other major altcoins, including XRP, Solana, Dogecoin, and Cardano, all registered losses between 3% and 5%. Out of the top 100 cryptocurrencies, only six managed to stay in the green.
Among the biggest laggards were Pump.fun, Zcash, and Mantle — each shedding more than 9% over the past day. The broad sell-off erased nearly $140 billion from the global crypto market, shrinking total market capitalization by 4.2% to $3.18 trillion.
$1 Billion in Crypto Liquidations
Derivative markets painted a similar picture. Data from CoinGlass revealed that over $1.01 billion in positions were wiped out within 24 hours, with long traders taking the biggest hit — roughly $718 million in long liquidations alone.
This comes just a month after the market witnessed a staggering $20 billion liquidation event, which already shook investor confidence and accelerated deleveraging across centralized and decentralized platforms. With sentiment weakening again, traders are becoming more cautious about using leverage.
The Fear and Greed Index also slid to 11, marking its lowest reading since February and pointing to “Extreme Fear.” Historically, markets tend to retreat further when uncertainty climbs and buying appetite fades.
Technical Charts Turn Bearish
Bitcoin’s technical indicators added more pressure. The asset has now formed a double-top pattern with a neckline around $107,276 — a formation that often signals deeper corrections once the neckline breaks.
On top of that, BTC has confirmed a death cross on the daily chart as the 50-day EMA crossed below the 200-day EMA. While death crosses are lagging indicators, they can highlight weakening momentum and the possibility of more downside if selling continues.
Liquidity Thins as Stablecoin Reserves Drop
On-chain data shows declining liquidity across exchanges. Stablecoin balances have fallen from $89 billion on Nov. 10 to $85 billion, according to Nansen. Lower stablecoin reserves typically suggest waning buying power and reduced capital ready to re-enter the market, lowering the likelihood of a quick recovery.
Corporate treasuries that had been actively accumulating crypto earlier this year have also paused purchases. Many now face pressure to protect their balance sheets amid the broader downturn.
Even spot Bitcoin ETFs, which saw huge inflows earlier this year, have recorded $2.5 billion in net outflows since November. Concerns over President Donald Trump’s proposed tariffs and fears of rising inflation — which could delay Fed rate cuts — have pushed investors out of risk assets.
What Traders Are Watching Next
Markets will now shift focus to two major events on Wednesday. Nvidia, the world’s top chipmaker, is set to release quarterly earnings that could influence both AI-related stocks and AI-focused crypto tokens.
The Federal Reserve will also publish minutes from its Nov. 12–13 meeting. Any hint of easing could lift risk assets, while a more hawkish stance could further weigh on crypto markets already battling heavy selling pressure.
For now, investors remain cautious as uncertainty grows — and the market waits for its next catalyst.
Also Read: Institutional Investors Largely Unaware of Bitcoin Core–Knots Clash
