Bitcoin Updates: Ongoing Bearish Market Structure and Leverage Drive $800M in Crypto Liquidations

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Bitcoin Updates: Ongoing Bearish Market Structure and Leverage Drive $800M in Crypto Liquidations

Bitget-RWA2025/11/17 20:04

By:Bitget-RWA

- Bitcoin and Ethereum plunged to multi-month lows on Nov. 14, 2025, triggering over $800M in liquidations due to high leverage and structural bearishness. - Bitcoin fell below $92,000, Ethereum under $3,000, with ETF AUM near $139B but facing outflows and elevated futures open interest. - Ethereum targeted $2,800–$3,000 support, while altcoins like XRP and Solana plummeted, driven by 150,000+ daily liquidations. - Market sentiment hit extreme fear (15/100), with analysts predicting potential 2026 rebounds

Bitcoin and

Ethereum

tumbled to their lowest levels in several months on Nov. 14, 2025, as over $800 million in leveraged positions were liquidated during a sharp market decline fueled by high leverage and persistent bearish sentiment.

Bitcoin

dropped beneath $92,000, marking its weakest point since April 24, while Ethereum slipped below $3,000,

sparking widespread anxiety throughout the crypto sector

This wave of selling came after Bitcoin was firmly rejected at the $107,000-$108,000 resistance area,

with downward-sloping exponential moving averages

and ongoing

bearish momentum

. Even though spot Bitcoin ETFs held robust assets under management (AUM) near $139 billion,

recent withdrawals pointed to profit-taking

rather than a fundamental breakdown. At the same time,

futures open interest stayed close to its cycle peak

, with some deleveraging on U.S. exchanges such as CME, while offshore platforms maintained high leverage.

Ethereum’s decline accelerated,

testing the $2,800-$3,000 support range

— a historically significant level for potential recoveries.

Bitcoin Updates: Ongoing Bearish Market Structure and Leverage Drive $800M in Crypto Liquidations image 0

However,

the overall risk-reward outlook for ETH stayed negative

, with analysts keeping an "Accumulate" recommendation but emphasizing that a retest of $4,955 is needed before any bullish momentum can return. Altcoins performed even worse, as

XRP

lost 3.6% and

Solana

(SOL)

sank by more than 5%

The spike in liquidations was driven by excessive leverage, with more than 150,000 traders seeing their positions wiped out each day.

A single $96.5 million position on Hyperliquid

marked the largest individual liquidation, highlighting the vulnerability of leveraged trades. This comes after

warnings from the Kobeissi Letter

about a structurally bearish market, as Bitcoin failed to rally despite favorable U.S. macroeconomic news in late October.

Market sentiment reached a pessimistic extreme,

with the Crypto Fear & Greed Index dropping to 15/100

— its lowest reading since March 2025. Matt Hougan of Bitwise suggested that Bitcoin could recover in 2026 if the four-year cycle pattern holds, while analysts at Santiment pointed to a "capitulation" phase and anticipated a possible November rebound as stronger investors buy assets at lower prices.

Regulatory issues also cast a shadow,

as the ISO 20022 standard’s Nov. 22 implementation

raised concerns about increased market manipulation if wash trading isn’t addressed. Combined with high open interest, this left the market exposed to more volatility.

The next major support for Bitcoin is at $87,800,

and a break below this level could deepen the current downtrend

. While short-term technical signals remain negative,

analysts remain optimistic about the long-term outlook

and expect strong fundamentals to support a recovery in 2026.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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