Bitcoin is trading sharply lower today after a dramatic overnight break below the psychologically important $90,000 level, extending a month‑long slide that has wiped out all of the cryptocurrency’s gains for 2025 and pushed sentiment into “extreme fear.”
At press time on 18 November 2025, Bitcoin (BTC) is changing hands around $91,000–$91,500, having briefly dropped to the high‑$89,000s earlier in the day. Real‑time pricing data shows an intraday high near $95,800 and a low just below $89,400, leaving BTC down roughly 4–5% over the last 24 hours and nearly 30% below its October record around $126,000.
Major altcoins are also under pressure, with Ether (ETH), XRP, BNB and Solana (SOL) all posting mid‑single‑digit losses over the past day as traders cut risk and liquidity thins across the market.
Key takeaways on Bitcoin price today
- Spot price: ~$91,000–$91,500 at the time of writing, after an earlier dip below $90,000.
- Intraday range: roughly $89,400 – $95,800.
- 24‑hour move: down around 4–5%, extending a sharp multi‑week sell‑off.
- Drawdown from October peak: about 28–30% from the all‑time high above $126,000 set in early October.
- Weekly trend: Bitcoin has logged double‑digit percentage losses over the past week, hitting its lowest levels since April.
- Market mood: The Crypto Fear & Greed Index has plunged to “extreme fear” (around 11/100), its lowest reading since the 2022 bear market. CoinDesk+1
What’s driving today’s Bitcoin crash?
Today’s slide is not happening in isolation. A cluster of macro, technical, and on‑chain factors has combined to push BTC below $90,000 for the first time in around seven months.
1. Macro jitters and fading rate‑cut hopes
Global risk appetite has weakened notably in November:
- Doubts over U.S. Federal Reserve rate cuts have grown, with traders scaling back expectations for a December cut amid sticky inflation and strong economic data.
- Equity markets in Asia and Europe have pulled back, particularly high‑growth tech names, prompting a broader flight from risky assets like crypto.
- Analysts point to “macroeconomic uncertainties” and high valuations as key reasons investors are de‑risking, with Bitcoin’s slide seen as part of a wider re‑pricing of risk rather than a crypto‑only story. Anadolu Ajansı+1
As one global markets report put it, Bitcoin’s break below $90,000 is arriving just as global stocks extend a multi‑day sell‑off, reinforcing the sense that institutional traders are cutting exposure across the risk spectrum, not just in digital assets.
2. A bearish “death cross” and broken support
From a technical perspective, several important signals flipped bearish in the last few days:
- Bitcoin failed to reclaim support near $93,000–$94,000 over the weekend and slipped decisively back below the $100,000 mark earlier this month.
- A closely watched “death cross” — where the 50‑day moving average drops below the 200‑day moving average — has now appeared on BTC’s chart, a pattern that often coincides with extended drawdowns when liquidity is thinning. CoinDesk+1
- Coindesk notes that the drop to around $89,420 on Coinbase marked Bitcoin’s lowest level since February and completed a dramatic reversal from the $126,250 record set roughly six weeks ago.
While a death cross is not a guaranteed predictor of deeper losses, many traders treat it as confirmation that the prevailing trend has turned down, especially when it aligns with macro headwinds and slowing demand.
3. ETF flows stall and many new investors are in the red
Another important pressure point is the U.S. spot Bitcoin ETF complex, which has been one of the biggest structural buyers since early 2024:
- Coindesk reports that flows into U.S. spot BTC ETFs — which absorbed over $25 billion earlier in the year — have flatlined over the past two weeks as investors digest inflation worries and potential tariff‑driven price pressures.
- Research cited by the South China Morning Post suggests the average cost basis of ETF investors sits near $89,600, meaning today’s dip below $90,000 leaves many holders underwater for the first time.
This combination — stalled inflows and a large cohort of new holders suddenly in loss territory — raises the risk of ETF‑driven profit‑taking or capitulation, adding another layer of supply during a fragile period.
4. On‑chain data: real selling replaces forced liquidations
On‑chain analytics show that the character of the sell‑off has evolved:
- BeInCrypto notes that between 13–18 November, 15,924 BTC (roughly $1.4 billion) flowed onto centralized exchanges, pushing total exchange reserves from 2.38 million to 2.40 million BTC in just five days.
- Earlier in the quarter, price drops were dominated by long liquidations in futures markets; now, data suggests spot selling by holders, a pattern that can make declines slower but more persistent.
At the same time, social and sentiment indicators have turned deeply negative:
- Coindesk reports that the Crypto Fear & Greed Index has dropped to 11 (extreme fear), the lowest since the 2022 bear market trough.
- Social‑dominance metrics show Bitcoin dominating market discussion, a pattern often associated with capitulation phases as traders exit altcoins to watch the benchmark asset.
5. Whales buy the dip as retail sells
Notably, not all investors are reacting the same way to the volatility:
- According to CoinCentral, whale wallets holding more than 1,000 BTC have risen about 2.2% since late October, climbing from 1,354 to 1,384 addresses — the highest level in roughly four months.
- In contrast, the number of small holder wallets holding at least 1 BTC has ticked down, suggesting smaller investors are beginning to capitulate.
- The same report notes that MicroStrategy‑style corporate buyers (referred to as “Strategy” or “Strategy Returns” in some market write‑ups) recently added around 8,178 BTC for roughly $835 million, continuing their long‑running accumulation even as prices fall. CoinCentral+1
This split — whales and corporates accumulating while smaller traders sell — is a classic feature of late‑stage corrections and is being closely watched by analysts looking for signs of a medium‑term bottom.
6. El Salvador and Mt. Gox: headline‑grabbing flows
Two additional flows are standing out on today’s news tape:
- El Salvador has bought 1,090 BTC — roughly $100 million at current prices — in its largest single‑day purchase yet, bringing national reserves close to 7,500 BTC and reinforcing President Nayib Bukele’s “buy the dip” strategy, even as the country navigates an IMF loan agreement that formally discourages new public‑sector Bitcoin purchases. CoinDesk+1
- Separately, blockchain intelligence firm Arkham has flagged that the defunct exchange Mt. Gox moved about $956 million worth of BTC to a new wallet. While motives for the transfer are not yet clear, such movements have historically preceded distributions to creditors — a potential future source of extra supply that markets are watching nervously.
Altcoins slide with Bitcoin — but still no “altseason”
The sell‑off is not limited to BTC. Across the board:
- Ether (ETH) is down around 5% on the day, trading just above $3,000, while XRP, BNB and SOL have dropped roughly 3–6% in the last 24 hours.
- Total crypto market capitalization has fallen about 4.5% over the last day to around $3.1 trillion, with daily trading volumes jumping more than 40%, a classic sign of stressed, two‑way trading.
However, this is not the euphoric rotation into smaller tokens that traders normally describe as “altseason.”
A separate analysis from CoinDesk points out that:
- Bitcoin dominance — BTC’s share of total crypto market cap — has pulled back, but most major altcoins have actually underperformed Bitcoin and Ether over the last month.
- On‑chain activity across Ethereum and major layer‑2 networks remains steady rather than overheated, with none of the fee spikes or congestion typically seen during speculative mania in altcoins.
In other words, today’s move looks more like a broad deleveraging and risk‑reduction across crypto, rather than a rotation from BTC into high‑beta tokens.
Technical picture: key Bitcoin levels to watch
With Bitcoin now trading around the low‑$90,000s, traders are focusing on several important technical and on‑chain levels:
Immediate supports
- $90,000 zone:
- Moneycontrol highlights $89,500–$90,000 as the first major support band, which has so far attracted dip‑buyers and slowed the slide intraday.
- $90,300 “invalidation” level:
- BeInCrypto argues that unless BTC reclaims and holds above $90,300, the path of least resistance could remain lower, with on‑chain data showing thin support between about $89,600 and $79,500.
Deeper downside zones
If $90,000 fails convincingly, analysts are mapping out several potential downside targets:
- $86,000–$88,000 liquidity pocket:
- Coindesk’s death‑cross analysis points to a liquidity zone in this range if BTC cannot get back above roughly $93,000 in the near term.
- $82,000–$84,500 support cluster:
- BeInCrypto’s URPD (on‑chain cost‑basis mapping) identifies this band as the last strong support before a broader vacuum of historical buying activity.
- High‑$70,000s potential bottom:
- With a Fibonacci target near $79,600 and large gaps in realized price distribution down to that region, some analysts are preparing for the possibility that the next cyclical low could form just under $80,000 if selling persists.
- $75,000 “macro” support:
- Both Reuters and other macro‑focused outlets note that many medium‑term bulls are watching around $75,000 as a final strong support zone, echoing levels last seen during the April tariff‑driven sell‑off.
Resistance on the way back up
On the upside, any rebound faces a ladder of resistance:
- $93,000–$95,000: Where BTC recently broke down and where its 200‑day moving average now sits.
- $100,000 round number: A key psychological level that bulls failed to defend earlier in the month; reclaiming it would be an important signal that downside momentum is fading.
- $120,000–$126,000: The region around the October all‑time high, which now marks the top of the current cycle and the ultimate resistance for any renewed bull run.
Are we close to a bottom?
There are conflicting signals:
Bearish arguments
- Macro: Rate‑cut expectations are being pushed out, tariffs and inflation headlines remain a risk, and global equities are still unwinding stretched valuations — all of which can keep pressure on BTC.
- On‑chain: Exchange reserves are rising, suggesting more coins are being positioned for potential sale, and support between $89,600 and $79,500 looks thin.
- Technical: The death cross and break below long‑term moving averages typically align with multi‑week drawdowns, not instant reversals.
Bullish (or at least, less bearish) counterpoints
- Sentiment is extremely washed‑out: Fear & Greed at extreme fear, plus heavy social focus on BTC, often appears near local capitulation zones in previous cycles.
- Whales and some sovereigns are buying: Large holders, MicroStrategy‑style corporates, and El Salvador are using the dip to add exposure, suggesting long‑term confidence remains intact even as prices fall.
- RSI flashing oversold: A CoinDesk analysis notes that Bitcoin’s 14‑day RSI has fallen below 30, historically a level where at least short‑term relief rallies often develop — though the indicator is not reliable on its own.
The most cautious takeaway from today’s data is that conditions for a tradable bounce are building, but technical and macro headwinds remain strong, and a durable bottom may still be several big swings away.
What today’s move means for crypto investors
For traders and long‑term holders alike, today’s price action underscores a few key points:
- Volatility cuts both ways
Bitcoin’s rapid drop from $126,000 to the high‑$80,000s–low‑$90,000s in about six weeks is a reminder that even in a maturing market, BTC remains a high‑volatility asset. Position sizing and risk management are critical. - Macro still matters for Bitcoin
Despite growing adoption via ETFs, corporates, and even nation‑states, Bitcoin is still behaving like a risk asset sensitive to interest‑rate expectations and global growth sentiment. Fed messaging, inflation prints, and tariff policy are likely to remain key drivers. - On‑chain data is telling a nuanced story
Exchange inflows and thin support zones warn of more potential downside, but rising whale holdings and sovereign accumulation hint that strong hands may be stepping in at these levels. - Altcoins are not a safe haven
The fact that most major altcoins are falling at least as hard as Bitcoin — and sometimes harder — shows that rotating into smaller tokens is not necessarily a defensive move in this part of the cycle.
Practical reminder
Nothing in today’s coverage should be taken as financial or investment advice. Crypto assets are highly volatile and can move rapidly in either direction. Anyone considering exposure to Bitcoin or other digital assets should:
- Do independent research
- Understand the risks, including the possibility of losing the entire investment
- Consider speaking with a qualified financial professional
