Bitcoin News Today: Bear Market or Correction? Bitcoin Tests $94K Psychological Floor

Bitcoin fell below the 0.75 cost basis quantile on November 19, signaling entry into a bear market zone, according to on-chain analytics firm Glassnode. This threshold has historically been a critical indicator for market structure, with bulls hoping to see the price reclaim and sustain above this level to restore bullish momentum. The move follows a sharp selloff, with Bitcoin ETFs experiencing a record $866.7 million in net outflows on November 13—the second-largest single-day redemption since the funds' launch in January 2024.

The decline accelerated as macroeconomic uncertainty and shifting Federal Reserve expectations prompted investors to de-risk. Bitcoin dropped below $100,000 on November 13, hitting $94,890.52 by November 14, its lowest level since early May 2025. Analysts debate whether this represents a bear market confirmation or a correction within a broader bullish cycle. CryptoQuant CEO Ki Young Ju emphasized that Bitcoin must fall below $94,000—a cost basis for holders from the past six to 12 months—to validate a bear cycle. "Until that level breaks, this could still be a consolidation phase," he said, adding that the $94,000 mark serves as both a psychological and technical floor.

Meanwhile, market liquidity and positioning dynamics amplified the selloff. Derivatives data showed $190 million in Bitcoin long futures liquidations as spot prices cratered, triggering institutional risk-management exits. The redemptions coincided with a $259 million Ethereum ETF outflow on November 14, reflecting broader institutional selling across crypto assets. However, Binance users accumulated a record $73.9 billion in ERC-20 stablecoins by November 15, with analysts interpreting the buildup as "dry powder" awaiting a market catalyst.

The bearish sentiment contrasts with some experts' cautious optimism. Haseeb Qureshi of DragonFly Capital noted that unlike the 2022 FTX-era collapse, current losses stem primarily from falling prices rather than systemic infrastructure failures. "The core crypto ecosystem is holding stronger than during previous crises," he said, highlighting the absence of cascading exchange collapses or stablecoin depegging events.

Bitcoin ETFs, however, face structural challenges. The $866.7 million outflow over three weeks represents 3% of total assets under management, a normal rebalancing amid profit-taking after October's $126,000 peak. Total ETF holdings remain above $80 billion, and the redemption process functioned smoothly without operational disruptions.

The path forward hinges on Bitcoin stabilizing above key support levels. A sustained break below $94,000 could trigger further capitulation, while a rebound might signal the end of the current correction. Market observers will closely watch whether macroeconomic clarity or renewed Federal Reserve easing prompts a reentry into risk assets. For now, the bear market debate underscores the sector's vulnerability to macro trends and the lingering uncertainty that defines its next phase.