Bitcoin News Today: Crypto Bulls and Bears Clash as Bitcoin Tests Key Support Amid Mixed ETF Flows

The crypto market is grappling with growing concerns over whether Bitcoin has hit its bottom amid a volatile price decline, with analysts and investors split on the outlook. On November 15, Santiment, a blockchain analytics firm, warned that the market is falling into a common trap: when a majority of analysts and traders agree the bottom has been reached, the true nadir often forms later, triggered by continued downward momentum. This sentiment has intensified as Bitcoin briefly dipped below $95,000 earlier in the week, sparking widespread speculation about a market floor.

Michael Saylor, CEO of MicroStrategy, has doubled down on his Bitcoin accumulation strategy, dismissing reports of the company selling its holdings. He reaffirmed his bullish stance, predicting Bitcoin will outperform gold and the S&P 500 by 2025. However, his optimism contrasts with the bearish signals emerging from on-chain data. CryptoQuant's weekly report highlighted that the Bitcoin market remains in an "extremely bearish" phase, with its Bull Score Index plummeting from 80 in early October to 20 by mid-November. The report cited three key factors: waning price momentum after a major liquidation event, shrinking spot demand, and slowing stablecoin liquidity growth. Long-term holders (LTHs) have sold over 815,000 BTC in the last 30 days-the highest level since January 2024-exacerbating downward pressure.

Meanwhile, exchange-traded fund (ETF) flows have revealed divergent investor sentiment. Farside Investors reported a net inflow into Bitcoin ETFs on November 12 of $524 million, signaling renewed institutional interest. Conversely, Ethereum ETFs saw a $1.071 billion outflow, underscoring a shift in capital away from the second-largest cryptocurrency. This trend aligns with broader market dynamics: while Bitcoin ETFs have attracted inflows, Ethereum's ETFs remain under pressure, reflecting uncertainty over its post-merge performance and regulatory clarity.

Price action has mirrored these mixed signals. Bitcoin briefly reclaimed $104,000 by midweek after a sharp pullback below $102,500, buoyed by ETF inflows and a temporary easing of macroeconomic uncertainties. However, the 365-day moving average at $102,000-historically a critical support level-has been repeatedly tested without a definitive rebound. CryptoQuant noted that failing to reclaim this level could accelerate further corrections.

The Fear and Greed Index, a gauge of market sentiment, plummeted to 16 on November 15-its lowest since early March-indicating a shift toward extreme fear. Over 88% of Bitcoin positions are now long-biased, a sign of overextended bullish positioning that historically precedes capitulation phases.

As the market navigates this inflection point, investors are closely monitoring macroeconomic developments, including the potential resumption of U.S. government operations and Federal Reserve policy cues. While some see the current pullback as a buying opportunity, others caution that structural selling pressure from LTHs and ETF outflows for Ethereum could prolong the downturn.