Bitcoin News Today: Past Reversals vs. 2022 Echoes: Bitcoin's Death Cross Puzzles Analysts

Bitcoin's formation of a death cross has reignited debates about a potential bear market, with the cryptocurrency trading near $91,000 after falling below both its 50-day and 200-day moving averages. The technical pattern, historically associated with prolonged downturns, has drawn mixed interpretations from analysts. Some warn of a repeat of the 2022 slump, while others argue the market remains resilient despite recent weakness according to analysts.

The death cross-a short-term moving average crossing below a long-term one-has triggered caution among traders. Bitcoin's price has dropped roughly 5% in the past 24 hours, erasing its 2025 gains and reaching a seven-month low near $90,000 according to market data. Analyst Ali Martinez highlighted that every death cross since the past year has eventually reversed, but the current price action mirrors the 2022 downturn in speed and structure, raising concerns about a prolonged bear phase according to technical analysis. Meanwhile, Egrag Crypto countered that moving averages have lost reliability, emphasizing Bitcoin's continued strength above key long-term support levels according to market reports.

Market sentiment has deteriorated sharply, with the fear and greed index hitting an extreme fear level of 11. According to trading data, over $1 billion in crypto positions were liquidated, including $569 million in Bitcoin, as traders grappled with volatility. On-chain data also revealed a surge in Bitcoin transfers to exchanges, a potential sign of increased selling pressure according to technical analysis. The asset's price has also fallen below its MVRV mean, a metric indicating undervaluation based on historical comparisons of market value and realized value according to market data.

Billionaire investor Cameron Winklevoss amplified the anxiety, declaring Nov. 18's dip below $90,000 as a "last chance" to buy Bitcoin at such levels. The move followed a 28% decline from October's peak of $126,000, leaving the cryptocurrency in a precarious position ahead of the Federal Reserve's upcoming rate decision according to market analysis. Analysts noted that the Fed's indecision-balancing inflation risks against labor market slowdowns-has exacerbated Bitcoin's volatility, with traders anticipating a December rate cut according to economic forecasts.

Looking ahead, Martinez outlined potential support levels at previous market troughs, suggesting further declines could test areas identified through historical cycles. Cycles peaking in 2017 and 2021 saw bear markets lasting 364 days with drawdowns of 84% and 77%, respectively. If the current cycle peaked in October 2025, a bottom might not arrive until October 2026, based on similar patterns according to technical analysis.

The broader crypto market has also felt the strain, with Ethereum and other major coins extending losses amid macroeconomic uncertainties. According to financial reports, BlackRock's Bitcoin ETF, IBIT, has seen $1.26 billion in outflows this month, reflecting shifting investor priorities. Meanwhile, institutional players like Fidelity and BlackRock are exploring new products, such as Solana ETFs, to diversify crypto exposure according to industry analysis.