Although Bitcoin had spent much of 2025 consolidating near fresh cyclical highs, the market snapped lower in mid-November as the benchmark cryptocurrency decisively breached several key support levels, tumbling through the $100,000 and $95,000 floors in a rapid, liquidity-driven selloff; the decline, which exceeded 7% within a 24-hour window, reflected a confluence of macroeconomic stress—ranging from U.S. fiscal uncertainty and rising 10‑year Treasury yields to weaker Chinese data and a hawkish Federal Reserve stance—that compressed risk appetite, amplified ETF outflows of roughly $870 million, and exposed short-term holders to capitulation, while technical observers now eye a CME futures gap near $92,000 as the next meaningful support amid persistent lower highs and fragile intraday momentum. Market participants noted that the break of the $95,000 level removed a psychological floor that had previously absorbed substantial buy orders, and the rapidity of the move suggested liquidity evaporation more than a deliberate directional conviction by longer-term holders. This movement was also influenced by whale activity that accelerated the selloff through coordinated large transactions.
A mid-November liquidity-driven plunge erased $100k/$95k support, spurring ETF outflows and eyeing a $92k CME gap.
Price action following the initial collapse was characterized by volatile intraday swings and an inability to reclaim the $103,000 area, reinforcing a narrative of weakened bullish resolve; intraday momentum indicators registered consistent lower highs, and temporary stabilization near $96,000 did little to change the prevailing bias. ETF outflows and synchronised selling across equities and crypto reduced market depth, amplifying price moves and inviting short-term capitulation, particularly among retail and recently acquired positions that had limited tolerance for drawdowns.
Macro drivers were central to the selloff, with fears of U.S. fiscal gridlock and an uptick in Treasury yields prompting a rotation into perceived safe havens, while disappointing Chinese macrodata compounded global risk-off dynamics. The Fed’s continued hawkish posture intensified margin pressures and elevated funding costs, a combination that magnified deleveraging in correlated markets. U.S. liquidity tightening removed significant cash from the financial system and was linked by some analysts to the severity of the move.
On-chain and fundamental signals offered a tempered counterpoint: American miners holding roughly 4,000 BTC and resilient mining profitability in Q3 2025 suggested supply-side buffers and mid-term support if selling abates. For investors, the break below $95,000 constitutes both a risk and an opportunity, contingent on macro trajectories and whether the CME gap near $92,000 will act as a meaningful price magnet or merely a waypoint in a deeper correction. Recent price action also shows rising daily volume, which many technicians interpret as evidence of institutional-sized selling.
