BTC Breaks Below $94K as Death Cross Forms — Is a Trend Reversal Still Possible or Is the Bear Market Here?

Bitcoin fell below $94,000 on November 17 and is now trading at $92,698.93, marking a 1.43% daily decline and a 12.43% loss over the past week.

The drop coincides with a major technical breakdown as the 50-day moving average crossed below the 200-day moving average, forming a death cross that traditionally signals sustained bearish momentum.

Market conditions have deteriorated alongside price action. Bitcoin’s market capitalization has slipped to $1.84 trillion, while trading volume surged 67.26% in 24 hours, reflecting heightened selling pressure rather than renewed interest.

Bitcoin has now erased all of its year-to-date gains and slipped into negative territory.

Across the broader market, $1.1 trillion has been wiped from total crypto capitalization over the past 41 days, an average of $27 billion lost daily. Total market cap remains 10% lower than levels recorded during the $19 billion liquidation cascade on October 10.

Bitcoin Slides as Institutions Sell Off, Liquidity Tightens, and Market Fear Surges

Institutional flows paint an equally cautious picture. On November 17, BlackRock transferred 4,880 BTC worth $467 million and 54,730 ETH valued at $176 million to Coinbase Prime, its largest deposit since October’s crash.

Meanwhile, Grayscale intensified the pressure by liquidating 440,000 BTC, representing 65% of its total crypto holdings, leaving the fund with fewer Bitcoin than it held in 2019.

Macro conditions are also tightening. A U.S. Treasury settlement of $285–$325 billion scheduled for November 18 is expected to temporarily drain liquidity from financial markets.

Reverse repo balances have already fallen below $100 billion, raising concerns about systemic stress. Sentiment reflects this tension as the Crypto Fear & Greed Index slid to 14, signaling extreme fear.

Over the weekend, it briefly touched 10, matching the February 2025 bottom despite Bitcoin trading 25% higher than April’s cycle low.

Michael Saylor, CEO of Strategy, described the downturn as market rotation, when he was asked why Bitcoin isn’t at 150k or 200k yet. He noted that short-term holders are capitulating while long-term investors continue to accumulate.

Bullish Signals Emerge Amid Pessimism

Despite widespread fear, notable bullish activity has surfaced. Strategy acquired 8,178 BTC for approximately $835.6 million at an average price of $102,171, extending its year-to-date Bitcoin yield to 27.8% in 2025.

As of November 16, the firm holds 649,870 BTC purchased for $48.37 billion at an average of $74,433 per coin. Cardone Capital also added 888 BTC to support its 101 Mizner Boca Bitcoin development project.

🚀 UPDATE: CARDONE CAPITAL HAS ACQUIRED 888 BTC FOR ITS 101 MIZNER BOCA BITCOIN PROJECT AND PLANS TO KEEP ACCUMULATING USING FREE CASH FLOW. pic.twitter.com/QnhjT0COB3

— Coinwaft (@coinwaft) November 17, 2025

In a major political development, President Donald Trump signed an executive order declaring the United States a global Bitcoin and crypto capital, days after announcing that making America number one in crypto is his top priority. The order signals a shift toward supportive federal policy, including improved regulatory clarity, increased institutional access, and expanded mining infrastructure.

🚨BREAKING:

PRESIDENT OF UNITED STATES DONALD TRUMP SIGNING AN EXECUTIVE ORDER TO MAKE US A $BTC AND CRYPTO CAPITAL

YOU ARE STILL BEARISH? pic.twitter.com/fzHwL4FXrf

— symbiote (@cryptosymbiiote) November 16, 2025

Even as sentiment sours, bullish speculation persists. YoungHoon Kim, recognized for holding the world’s highest IQ score of 276, predicted that Bitcoin will reach $220,000 within 45 days.

Historical patterns also offer optimism: previous death crosses have preceded large rallies, with gains of 195% in September 2023, 125% in August 2024, and 70% in April 2025. A 35% rebound from current levels could lift Bitcoin toward $130,000 by May 2026.

For now, Bitcoin trades 26% below its October trendline rejection, with the market at a critical inflection point. Whether bearish momentum deepens or history repeats itself with another post–death cross rally remains the key question for investors.

Technical Analysis

The RSI indicator reads 29.34, deep in oversold territory below the 30 threshold. This extreme reading suggests potential capitulation or bounce conditions.

The MACD line sits at negative 964.42 with the signal line at negative 3,264.89. The histogram shows negative 4,229.31 with expanding red bars, confirming accelerating bearish momentum.

Bitcoin broke below the critical $93,000 Fibonacci level representing 78.6% retracement. This breach typically triggers algorithmic sell orders and stop-loss cascades.

Immediate support rests at $92,971, with the current price at $92,881. If this level fails, the next major support sits at $90,000. Historical support zones exist between $85,000 and $87,000.

Resistance levels include $95,909 as the recent high, followed by $100,000 as psychological resistance. Further barriers appear at $105,000 to $107,000 and $110,000 from October peaks.

Volume analysis reveals elevated selling pressure with red volume bars dominating recent action. The breakdown from a descending triangle pattern shows no consolidation or base formation yet.

The contradiction between extreme oversold RSI and accelerating MACD downside momentum suggests selling may continue despite bounce conditions. Bitcoin remains in a critical breakdown phase with bearish pressure intact.