Overview
- Bitcoin has dropped more than 20% from its October peak, hitting a six‑month low near $94,100 and approaching a wipeout of this year’s gains.
- U.S. spot Bitcoin ETFs saw roughly $870 million in net withdrawals on Thursday, one of the largest single‑day outflows since launch.
- Options markets show heavy demand for protection, with puts at $85,000–$90,000 leading open interest, implied volatility rising, and bearish skew strengthening.
- Technical signals have turned negative, including a 50/200‑day death cross and breaks below the 200‑ and 365‑day moving averages; a weekly close under roughly $94,000 could open a path toward sub‑$80,000, analysts say.
- Liquidity has deteriorated as market depth fell to about $535 million, funding rates remain positive despite falling prices, and sell‑side pressure dominates, leaving the market prone to liquidation cascades with traders eyeing the $92,000 area and the $88,000–$90,000 support zone.