Bitcoin price was choked by the absence of any immediate bullish catalysts today, and bulls failed to defend the $95,000 support zone, exposing the market to renewed selling pressure.
At the time of writing, the total crypto market cap had slipped nearly 2%, still clinging to the upper range of the $3.2 trillion mark but showing signs of fatigue.
Market sentiment was increasingly fragile, and the mood had clearly shifted into one of unease.
The crypto fear and greed index plunged to 14, firmly planted in the extreme fear category.
This level has rarely been seen outside the darker chapters of past bear markets and suggests that panic has started to creep in, even among longer-term holders.
Altcoins were weighed down heavily by this risk-off environment.
Many spent the day in the red, and by the time Asian markets opened, some of the leading tokens had already posted sizable intraday losses.
Why is the Bitcoin price down today?
Bitcoin price lost another key support level today at $95,000 as traders were already bracing for the panic that surfaced after the flagship asset slipped below $100k just days ago.
A major reason behind the slide is the sudden jump in geopolitical stress after President Trump backed a Senate bill calling for tariffs of up to 500% on goods imported from countries that continue trading in Russian energy.
Even though this is not a direct blow to crypto, the threat of a full-blown trade conflict and a fresh shock to global supply chains has amplified volatility across all risk assets.
The policy backdrop in the United States added another layer of pressure.
Expectations of a December rate cut have collapsed over the past two weeks, with the CME FedWatch Tool now placing the odds at 43.9% while Polymarket sits at 46%.
Both were above eighty percent at the start of the month. This reversal has come on the back of repeated reminders from Federal Reserve officials that interest rates may remain elevated for longer.
Vice Chair Jefferson reinforced that stance during his recent speech on the economic outlook, which dampened any hope for easier conditions in the short term.
Higher rates make safer assets more appealing and drain liquidity from risk markets, which has been felt sharply in crypto.
The dollar has strengthened in this environment, and capital has shifted away from speculative trades.
The recently concluded United States government shutdown also played a role in weakening sentiment.
The 43-day deadlock created a blackout of vital economic data and stalled regulatory activities at agencies such as the SEC and CFTC.
The lack of fresh information has left investors and policymakers without a clear picture of the economy, leading to a more cautious stance across the board.
Kyle Rodda, Senior Market Analyst, Capital.com, says, “Bitcoin is sending an ominous signal. So often the canary in the coal mine for broader risk assets, the wiping out of year-to-date gains suggests risk appetite is diminishing significantly in the markets.”
Even though the shutdown ended on November 12, the relief rally was short-lived because other macro threats quickly overwhelmed the initial optimism.
Institutional participation has also faded at a crucial moment. The twelve spot Bitcoin ETFs in the United States have seen more than $2.3 billion in net outflows over the past two weeks, according to SoSoValue.
This steady retreat from large investors has removed an important source of demand that previously supported the rally.
If outflows continue, the selling could weigh on Bitcoin through the rest of the week, especially with global uncertainty still unresolved.
Forced liquidations added even more weight to the decline, with around $243 million worth of futures positions wiped out in the past 24 hours and long positions making up $136.6 million of that total.
He adds:
There wasn’t the dysfunction in crypto markets over the weekend seen months ago after US-China trade tensions flared. But we’ve seen a significant leap in activity in the crypto-space, with trading activity at stages double (+106%) what we’d normally expect to see. The weekend’s losses have been largely recovered to kick-off the week. However, the approximately 26% high to low move in Bitcoin fits the technical definition of a bear market, possibly sounding the alarm for crypto assets and broader financial markets.”
Will Bitcoin price go up?
Crypto traders are currently watching a few levels to gauge whether the bull market remains intact or if the price is slipping deeper into bearish territory.
Short-term sentiment revolves around the $95,000 mark, which Bitcoin has pierced multiple times throughout the day.
Without a convincing reclaim of this level, buyers are unlikely to regain control.
Many eyes are now fixed on whether bulls can push the price back above $95,000, which would be seen as a necessary first step.
Should that happen, attention would naturally shift to the $100,000 mark, a key psychological area that could restore broader confidence if recaptured.
Some market participants believe the $94,000 to $95,000 range may be acting as a temporary accumulation zone, with a few signs of buying activity visible.
This area could offer a short-term base for a bounce, although conviction remains thin. See below.
Bounce coming $btc 🚀
The bottom is in .
Based on the MVRV ratio, which measures the profit or loss of short-term holders relative to their cost basis, the $95k level appears to be an area of opportunity.
I’m a buyer of standard deviation moves to the downside; they don’t come often, but they tend to be excellent opportunities. $BTC
Bitcoin price is also filling a CME gap that formed around $92,000, and historically, once these gaps are closed, markets tend to stabilise and redirect momentum.
Still need to fill the $BTC CME gap at $92k
On the 24-hour liquidation heatmap, several key zones of interest have emerged.
One of the most prominent areas of recent liquidation clusters just below $94,000, where a notable concentration of long positions was wiped out during the afternoon dip.
This pocket could now serve as short-term support, at least from a technical perspective, as some traders attempt to re-enter after being flushed out.
Right now, the heatmap suggests that price action may remain volatile within this $92,000 to $96,500 range as opposing sides battle for control.
If buyers manage to step in near the $93,000 pocket and defend it convincingly, the path toward reclaiming $95,000 could open again.
That would be the first sign of strength after today’s selloff and may draw sidelined capital back into the market.
At press time, Bitcoin price was trading just above $93,500, down roughly 1% on the day.
Top altcoin gainers for the day
The total market cap of all altcoins initially climbed from $1.25 trillion to $1.33 trillion, but later gave up most of those gains to settle around $1.27 trillion at the time of writing.
Bitcoin’s performance overshadowed the altcoin market as a risk-averse sentiment prevailed.
Ethereum (ETH) traded within a range of $3,000 to $3,200 before settling at $3,127, marking a 1.2% decline on the day.
Other major altcoins like BNB, Solana (SOL), and Cardano (ADA) followed a similar path, each slipping between 1% and 2%.
XRP (XRP), however, broke away from the pack with a 1.2% gain, trading at $2.23 at the time of writing.
Uniswap (UNI) led the top 100 altcoins with the biggest daily gain, climbing 6.3%.
Bitcoin Cash (BCH) and Ethena (ENA) followed closely behind, posting solid gains of 3.7% and 3.6%, respectively.
Source: CoinMarketCap
Analyst sentiment remains divided, with some suggesting that the altcoin market cap may have already bottomed out and could be primed for a rebound.
According to pseudonymous analyst Moustache, who has over 162,000 followers on X, the total market cap of all cryptocurrencies excluding Bitcoin, Ethereum, and stablecoins is approaching a key breakout from an ascending triangle pattern on the daily chart.
This formation, he noted, has been building for nearly eight years. A successful breakout from it could potentially spark a massive altcoin rally.
“Altcoins couldn’t be looking better,” Moustache posted on X.
However, not everyone shares that optimism. Market expert Ted Pillows pointed to the continued weakness in altcoins, emphasising that many tokens have been stuck in a prolonged downtrend with little indication of a sustained recovery.
“Looks like everyone is selling their altcoins. Worst altcoin cycle ever,” noted Pillows.
As of press time, the Altcoin Season Index at 33 reflected a risk-off sentiment among investors. Typically, altcoin seasons are marked by readings over 75.
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