Bitcoin News Today: Bitcoin's Critical Support Zone Becomes Battleground for Stabilization

Bitcoin's price has retreated below key psychological thresholds, sparking renewed debates over the cryptocurrency's medium-term trajectory. After briefly dipping below $90,000 in early November-the first time in seven months-the asset has found tentative support around $93,800, though institutional outflows and macroeconomic uncertainties cast a shadow over its recovery prospects according to market analysis. Analysts are closely watching whether the $74,800 to $81,800 range-historically a critical support zone-can stabilize the market amid intensifying selling pressure as data shows.

The recent selloff accelerated as U.S.-listed spot Bitcoin ETFs recorded over $1.1 billion in outflows over three consecutive weeks, signaling waning institutional confidence according to market reports. QCP Capital warned that Bitcoin's 27% decline from its October peak of $126,199, coupled with a break below the 50-week moving average, has heightened risks of a broader bull-market exhaustion according to market analysis. Meanwhile, derivatives data reveals weak sentiment: Bitcoin futures open interest remains over 40% below September's peak, while negative funding rates indicate bearish positioning among perpetual contract traders as market data shows.

Technical indicators offer mixed signals. Bitcoin's Relative Strength Index (RSI) has rebounded from oversold territory to 34, suggesting fading bearish momentum according to market analysis. However, the asset faces resistance at the 38.20% Fibonacci retracement level of $106,453, having failed to hold above $100,000-a level once seen as a psychological floor according to market data. HIVE Digital Tech, a Bitcoin mining and AI high-performance computing (HPC) firm, noted that hash price dynamics-tied to network difficulty adjustments-could influence short-term volatility. With the next difficulty adjustment scheduled for November 26, further price stabilization may hinge on whether the seven-day hash price floor of $40 per petahash holds as market data shows.

A potential catalyst for recovery emerged as Nvidia's blowout Q3 earnings spurred a rally in crypto-mining stocks, briefly lifting Bitcoin toward $92,000 according to market analysis. The chipmaker's bullish guidance alleviated fears of an AI-sector slowdown, benefiting firms reliant on GPU infrastructure. However, this relief was tempered by broader macroeconomic risks, including Trump-Fed tensions and an uncertain Federal Reserve policy outlook as data indicates.

Long-term holders, or "OGs," have exacerbated selling pressure by offloading accumulated Bitcoin over several weeks according to market analysis. Over $900 million in crypto positions were liquidated following a October 10 deleveraging event, with Bitcoin's price dropping below $90,000 for the first time in months according to market data. BlockBeats data further highlighted the fragility of the current equilibrium: if Bitcoin falls to $92,000, cumulative long liquidations on major exchanges could reach $848 million according to market reports.

While some analysts caution against declaring a "crypto winter," others argue the market is undergoing a structural transition rather than a cyclical downturn according to market analysis. Louis LaValle of Frontier Investments noted that Bitcoin's current challenges differ from historical collapses, as institutional adoption and liquidity remain robust despite price declines according to market reports.