Bitcoin faces the $95,000 HODL barrier after a cascade wipes out $655 million from bullish traders
The crypto market is on edge as
Bitcoin
(BTC) nears the $95,000 threshold, a key support area often called the "HODL wall." In the last day, liquidations reached $1.1 billion, with $968 million coming from long positions
as reported
. This upheaval has drawn parallels to the FTX collapse in 2022, with market sentiment dropping to lows not seen since then. The largest single liquidation—a $44.29 million BTC-USDT position on HTX—
highlighted the intensity of the sell-off
.
Experts are monitoring technical signals for evidence of a possible market bottom.
Bitcoin's RSI has fallen into "oversold" levels
, a situation last witnessed during the FTX debacle. At the same time, historical trends linked to the "death cross"—a bearish chart pattern—hint at a potential recovery.
Analysis from the last seven years indicates
that Bitcoin typically bottoms within five days of a death cross, with subsequent gains averaging at least 45%. Analysts such as Sykodelic and James Van Straten
anticipate the next death cross
will occur soon, possibly marking a local low near $95,000 before a surge toward $145,000.
Market swings have also been intensified by contrasting flows in crypto ETFs. While Bitcoin spot ETFs attracted $524 million on November 11,
Ethereum
ETFs experienced $1.071 billion in outflows
based on market statistics
. These movements reflect changing investor attitudes,
with institutional investors adjusting their positions
amid broader economic uncertainty. However, ETF inflows have resumed,
with $523.98 million flowing into Bitcoin ETFs
on November 12, suggesting renewed, albeit cautious, confidence in the asset.
Institutional worries remain significant.
Markus Thielen from 10x Research cautioned
that $939 million in weekly ETF outflows and signs of market exhaustion could lead to further declines.
Bitcoin's relationship with traditional assets
, such as
gold, has grown stronger, with gold rising 57% this year compared to Bitcoin's 8% increase. This lag has led some investors to rebalance their holdings,
adding to short-term selling pressure
.
Despite the prevailing bearish mood, regulatory progress in the U.S. could offer long-term support.
Bernstein analysts observed
that the approval of the GENIUS Act and the upcoming CLARITY Act are helping the U.S. take the lead in crypto regulation. These measures aim to clarify the regulatory responsibilities of the SEC and CFTC,
encouraging innovation in tokenized assets
and on-chain trading.
Bitcoin's price movement is still
unsettled
. After dipping to $98,377 on November 13—the third time this month it fell below $100,000—it has since bounced back to around $104,000
according to market statistics
. Technical readings are mixed:
the RSI stays in bearish territory
at 43, while the MACD momentum indicator points to a possible short-term upswing
based on technical analysis
. If the price breaks above the 200-day EMA at $107,940, it could confirm a bullish trend toward $110,000
according to market projections
, but sustained trading volume will be essential to confirm a reversal
as technical indicators suggest
.
As the market faces this turning point, traders are divided between caution and hope.
Polymarket data indicates
a 66% chance that Bitcoin will hit $95,000 in November, while some expect a deeper drop. For now, the $95,000 HODL wall stands as a major test—will Bitcoin bulls hold the line, or will the price fall further?
