Bitcoin Crashes to 6-Month Low: Why $94K Could Be the Tip of the Iceberg

Bitcoin Plummets to Six-Month Low—Is the Bull Market Over?

Bitcoin lost almost a quarter of its value in barely five weeks, crashing from an all-time high near $126,000 to $94,480 on 14 November 2025—the lowest print since early May. The brutal slide vaporised roughly $450 billion from the total crypto market cap and pushed the Bitcoin Fear & Greed Index into “extreme fear” territory at 16.

1. What Exactly Happened?

• Price action: BTC broke the psychological $100K line for the third time this month, slicing through its 200-day moving average and key Fibonacci support.

• Liquidations: Over $550 million in leveraged longs were wiped out in 24h, including $273 million pure-BTC positions.

• Options expiry: A $4 billion expiry on 14 November had a “max-pain” level of $105,000, turbo-charging put-option demand.

2. Sellers Came Out in Force

• Long-term holders off-loaded 815,000 BTC (~$79bn) in 30 days—the fastest pace since January 2024—cutting their share of total supply from 76% to 70%.

• Miners joined the exodus, selling 1,200 BTC ($119m) last week alone as margins compress post-halving.

• ETF investors pulled $869.9 million on 13 November, the second-largest daily outflow on record, draining crucial USD liquidity.

3. Macro Headwinds Add Fuel

• Fed uncertainty: Markets now price out a December rate cut; risk assets from tech stocks to crypto sold off in sync.

• Data blackout: The 43-day U.S. government shutdown delayed key economic releases, forcing traders to price in worst-case scenarios.

• Dollar & yields: A rebound in the dollar index plus choppy 10-year yields punished anything with a high-beta label—Bitcoin foremost.

4. Technical Levels to Watch

Below the psychologically important $100K mark, Bitcoin now confronts a ladder of technical safety nets. The first rung is $92,000, the February 2025 swing low that previously attracted heavy bidding and therefore carries strong memory for algorithmic traders. Should that fail, attention shifts to $85,000—the former cycle record from late 2021 that once acted as a ceiling and is now expected to flip into support on pure role-reversal logic. Finally, the $74–72,000 band represents the April consolidation zone where price churned for weeks while the 365-week moving average was successfully tested; a “death-cross” flirt with the 200-week here would make this area the market’s line in the sand for determining whether the multi-year uptrend remains intact.

Support ZoneSignificance$92,000February 2025 swing low$85,000Previous cycle’s peak (2021)$74-72,000April 2025 consolidation & 365-week MA “death-cross” region

Failure to reclaim the $102,000 (365-day MA) on a daily close opens the door to the $70,000s, analysts warn.

5. Is This a Buying Opportunity?

• Valuation: JPMorgan’s production-cost model puts BTC’s intrinsic floor near $94,000, exactly where it bounced.

• Profitability: 72% of circulating supply remains in profit even at $100K, limiting the probability of a panic cascade—at least for now.

• Seasonality: November–December logged average returns of +17% and +16% respectively over the past decade; 2025’s “Uptober” missed the mark, but mean-reversion bulls hope history rhymes.

6. What Could Reverse the Trend?

1. Sustained ETF inflows—only two consecutive weeks of +$500m flipped the script in previous pull-backs.

2. Fed dovish pivot—a surprise cut or dovish rhetoric could revive the “BTC as liquidity sponge” narrative.

3. Stablecoin liquidity—USDT & USDC market caps need to grow >3% WoW to signal fresh dry powder on the sidelines .

4. Whale accumulation—on-chain data shows addresses with 100-1,000 BTC slowed selling; a turn to net buying historically coincides with local bottoms.

7. Bottom Line

Bitcoin’s drop to six-month lows is more than a routine correction; it reflects institutional de-risking, leverage unwinds and macro anxiety all hitting an illiquid market at once. While the $94K zone may offer a short-term technical floor, reclaiming $102K is critical to avoid a deeper retracement toward the $70-75K band. Until ETF flows turn positive and macro clouds lift, volatility—and fear—will likely remain the norm.

Sources

• Forbes – Bitcoin Prices Plunge Below $100,000
  

• Decrypt – Bitcoin Dives Below $100K for Third Time
  

• Bitcoin Magazine – Bitcoin Price Crashes to $94,000
  

• Sherwood News – Bitcoin Plummets to Lowest Since May
  

• Economic Times – Bitcoin Crashes to $97,000
  

• Morningstar – Bitcoin Retreats to $100,000
  

• CoinDesk – Bitcoin Slides as Liquidity Crunch Hammers Risk Markets