On November 18, 2025, the cryptocurrency landscape was shaken as Bitcoin (BTC) fell beneath the crucial $90,000 mark for the first time in seven months. This significant drop has ignited fears of a bear market and triggered widespread liquidations across futures markets, with an estimated $600 million in leveraged positions wiped out.
The decline below $90,000 represents a key psychological and technical setback for Bitcoin. For an extended period, this level had functioned as a critical support point, but today”s breach signals a troubling resurgence of selling pressure and a weakening of buyer confidence. Analysts have noted the emergence of a “death cross” on Bitcoin charts, wherein a short-term moving average dips below a long-term moving average, a historical precursor to major market downturns.
Market sentiment has taken a nosedive, with the Crypto Fear & Greed Index plunging into “Extreme Fear” territory. This growing apprehension is underscored by the massive liquidations that have rocked the market. In just 24 hours, over $600 million in long positions were liquidated, with a staggering $115 million occurring within a single hour during Bitcoin”s swift decline. The sell-off has also affected Ethereum (ETH), which fell below the $3,000 support level, indicating a broader negative sentiment impacting the entire market ecosystem.
Reports indicate a significant outflow of retail investors, many of whom are capitulating amid relentless selling pressure. Panic selling by retail traders often exacerbates downturns, adding to market volatility. While notable figures such as MicroStrategy”s Michael Saylor and the nation of El Salvador have historically engaged in “buying the dip,” their accumulation efforts may be overshadowed by the volume of assets being sold off. Additionally, institutional investors, who have increasingly participated in the market via spot Bitcoin ETFs, are now facing scrutiny and potential outflows, although some analysts, such as those from TD Cowen, maintain that institutional buying may persist despite current volatility.
The pressing question for many investors is whether this price drop marks the beginning of a prolonged bear market. The technical signals, including the confirmed death cross and sustained break of key support levels, suggest a bearish outlook. Some experts predict further declines, with potential targets below $83,800 based on an “ABCD” bearish pattern. However, a counter-narrative is emerging, with some analysts pointing to indicators such as the Bitcoin Spent Output Profit Ratio (SSR) suggesting that the market may be oversold and primed for a rebound. Others, including one of the co-founders of Gemini, view the current dip as a “last chance” to acquire Bitcoin under $90,000, signaling a potential near-term bottom.
In conclusion, Bitcoin”s plunge below $90,000 on November 18, 2025, has undoubtedly rattled the cryptocurrency market. With a confirmed death cross, significant liquidations, and a retreat of retail investors, the immediate outlook appears challenging. While some voices hint at a possible rebound from oversold conditions, the prevailing sentiment remains one of caution as investors brace for continued volatility and seek to determine whether this is merely a deep correction or the start of a more extended bear market.
