Bitcoin News Today: Bitcoin's Death Cross Looms: Can $93.5K Stem the Fall?

Bitcoin's two-year bullish trend is under existential threat as the cryptocurrency tumbles toward critical support levels, raising questions about whether buyers can defend the $90,000 threshold. The price dropped below its June support near $98,000 on Nov. 14, forming a "lower high–lower low" structure on the daily chart for the first time since February 2025. With Bitcoin (BTC) sliding to $94,500 by Friday, the asset now teeters near the $93,500 yearly open, a level that would erase all 2025 gains according to analysis.

The breakdown has triggered alarms among analysts. Bitcoin is at risk of its first weekly close below the 50-week simple moving average (SMA) since 2023, a key technical indicator that has defined its two-year uptrend. A close beneath the SMA-currently around $101,000-would invalidate the bullish narrative and signal a broader correction. Short-term realized price bands, once reliable bounce zones, have flipped into resistance, with liquidations exceeding $1.1 billion exacerbating downward pressure.

The market's fragility is underscored by the looming "death cross," a technical event where the 50-day SMA crosses below the 200-day SMA. This pattern is expected to materialize within 48 hours, with some analysts suggesting it could mark a local bottom. Historical data shows Bitcoin has rallied at least 45% from such events in the past seven years, though the 2025 environment differs from prior cycles. If the death cross forms around $100,000, it could either signal a short-term trough or a deeper capitulation phase, potentially dragging BTC toward $70,000.

On-chain metrics reinforce the bearish outlook. CryptoQuant's Bull Score Index plummeted from 80 in late October to 20 as of Nov. 14, reflecting a sharp shift in sentiment. Long-term holders (LTHs) have sold 815,000 BTC over 30 days-the highest level since early 2024-adding downward pressure. The 365-day moving average ($102,000) remains a critical psychological barrier; a failure to reclaim it could accelerate a deeper correction.

Meanwhile, Bitcoin's price collapse has reverberated through corporate holdings. Strategy, the largest corporate Bitcoin holder, now trades at a market cap ($59.92 billion) below its $61.3 billion BTC holdings. The stock's 7.2% drop on Thursday and further declines in premarket trading highlight investor skepticism about its ability to service debt and dividends. Short-seller Jim Chanos noted the stock's multiple-to-net-asset-value (mNAV) ratio has narrowed to 1.24 from a peak of 1.7, signaling a potential convergence with its Bitcoin value.

For Bitcoin bulls, the immediate focus is on the $94,000 level, a potential floor defined by the 6–12 month holder cost basis. A rebound here could stabilize the price, but a decisive break below it would confirm a bear market. As Axel Adler Jr. warned, "there is no support left in the market," with all key metrics now acting as resistance.

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