Bitcoin News Today: Bitcoin’s Sharp Drop: Is This a Mid-Cycle Adjustment or the Beginning of a Bear Market?

On November 17, Bitcoin’s value dropped below $90,000, reaching its lowest point in more than half a year and sparking renewed concerns about a possible wider market slump. As of Monday, the cryptocurrency was trading at $90,128.00, weighed down by a mix of profit-taking, declining liquidity, and broader economic challenges,

. “This downturn is the result of several factors coming together: long-term investors cashing out after recent gains, worsening liquidity conditions, and institutions reducing risk in response to tighter financial environments,” he stated. FG Nexus’s Maja Vujinovic shared similar worries, pointing out that Bitcoin’s decline is due to “a combination of macroeconomic and market structure influences.” .

Bitcoin is now hovering near support at $91,000, with traders monitoring whether it can stabilize before encountering resistance at the exponential moving averages (EMAs) grouped between $93,400 and $100,000. The daily relative strength index (RSI) has fallen below 30, indicating oversold conditions—a level that has often preceded recoveries, though such signals can be unreliable in turbulent markets. Blockchain analytics show that over $160 million in long positions were liquidated on major exchanges, and 65,200 BTC (valued at $6.08 billion) were sold at a loss within a day, underscoring short-term selling pressure. At the same time, activity among large holders—wallets with over 1,000 BTC—has climbed to its highest point in four months, hinting at accumulation by major investors despite the ongoing selloff.

, with (ETH) and also facing challenges. ETH, which is trading slightly above $3,000, is showing bearish chart patterns, including a “Death Cross” where the 50-day EMA moves below the 200-day EMA. XRP, trading near $2.18, is experiencing weak activity in derivatives, with futures open interest averaging $3.6 billion, indicating subdued trader sentiment. Outflows from spot ETFs have added to the downward pressure: U.S.-listed ETFs saw $255 million leave on Monday, bringing the week’s total net outflows to $58.6 billion. Ethereum ETFs performed even worse, with $183 million in outflows that day, raising total outflows to $12.95 billion.

Analysts are also watching how Bitcoin’s price might be affected by broader economic developments.

on the daily chart, which could signal a reversal if Nvidia’s upcoming earnings report surpasses expectations. Over the past two weeks, Bitcoin has shown a 0.87 correlation with Nasdaq 100 futures, suggesting that a strong performance from the tech company could trigger a rebound. “Should Nvidia deliver strong results, Bitcoin might rally toward $96,000 or even $99,060,” analysts commented. rather than the onset of a prolonged bear market. The average RSI for the crypto market is 43.09, with just 2.5% of assets considered overbought—a pattern observed in previous mid-cycle corrections (2021, 2023, 2024). Meanwhile, Bitcoin’s MACD remains negative, while 58% of assets are showing positive momentum, indicating a period of transition. Analysts warn that a true bear market would require Bitcoin to stay below its 365-day moving average for four to six weeks, along with persistent heavy selling by long-term holders.

Bitcoin’s future direction depends on its ability to maintain key support levels and reclaim the EMA clusters. While some scenarios suggest possible recoveries, the market’s volatility highlights the importance of careful risk management.