Bitcoin News Today: Institutions Fortify Holdings as Crypto Bleeds $1.1B in Liquidations

Bitcoin's price has plunged below critical support levels, triggering warnings from analysts that the cryptocurrency could face a deeper correction. The 50-day Exponential Moving Average (EMA) crossed below the 100-day EMA on November 4, forming a bearish "Death Cross" pattern, a technical signal historically linked to extended downtrends. The Relative Strength Index (RSI) has dropped to 32 on the daily chart, nearing oversold territory and reinforcing the likelihood of further declines. Immediate support at $95,933 is now at risk, with a break below this level potentially targeting $90,000 according to technical analysis.

The bearish momentum has been amplified by macroeconomic uncertainty and a lack of catalysts for institutional or retail demand. U.S.-listed spot Bitcoin ETFs experienced net outflows of $870 million on Thursday-the second-largest withdrawal since their launch- coinciding with Bitcoin's slide below $100,000. Ether ETFs also saw record outflows of $259.7 million, signaling widespread risk aversion according to Seeking Alpha. Over $1 billion in leveraged crypto positions were liquidated in the past 24 hours, according to CoinGlass data as reported by Seeking Alpha.

Technical indicators paint a grim picture. On the weekly chart, Bitcoin has closed below the 50-week simple moving average for the first time since 2023, invalidating a two-year uptrend. The RSI stands at 41, and the Moving Average Convergence Divergence (MACD) indicator remains in bearish territory, with red histogram bars signaling prolonged downward pressure as noted by FXStreet. Analysts highlight the 93,600–93,700 price band as a critical Fibonacci retracement level. If this fails, the next target is the 85,000–86,000 region, where medium-term buyers might step in according to Investing.com.

Altcoins are not spared. Ethereum trades below key moving averages at $3,157.87, with RSI at 33 and MACD signaling continued selling pressure according to technical analysis. XRP, at $2.28, faces downward bias as its RSI declines to 42, with potential support at $2.07 if the downtrend persists as reported by FXStreet. The broader market remains fragile, with over $19 billion in liquidations recorded since October 10 according to Seeking Alpha.

Analysts warn that the correction could accelerate if Bitcoin fails to hold above the 6–12 month holder cost basis of $94,000 as indicated by Cointelegraph. CryptoQuant CEO Ki-Young Ju noted that a breakdown below this level could confirm a bear market. Meanwhile, Harvard University's 250% increase in its stake in BlackRock's Bitcoin ETF (IBIT) to 6.8 million shares, worth $442.8 million, contrasts with the broader outflows, underscoring institutional caution.

The market's technical and sentiment indicators-weak ETF flows, capitulation among short-term holders, and deteriorating on-chain metrics-suggest a prolonged bearish phase. With Bitcoin's 2025 gains nearly erased and key support levels under siege, the path of least resistance remains decisively downward as reported by Cointelegraph.