Bitcoin News Today: Structural Bear Market and Leverage Fuel $800M Crypto Liquidation Surge

Bitcoin and Ethereum plunged to multi-month lows on Nov. 14, 2025, as leveraged traders faced over $800 million in liquidations amid a market downturn driven by elevated leverage and structural bearishness. Bitcoin fell below $92,000, its lowest since April 24, while Ethereum dipped under $3,000, triggering panic across crypto markets.

The selloff followed a sharp rejection of Bitcoin's previous $107,000-to-$108,000 resistance zone, with exponential moving averages fanning downward and bearish momentum persisting. Despite strong spot Bitcoin ETF assets under management (AUM) near $139 billion, recent outflows signaled profit-taking rather than systemic weakness. Meanwhile, futures open interest remained near cycle highs, with partial deleveraging on U.S. exchanges like CME contrasting with continued elevated leverage on offshore platforms.

Ethereum's pullback intensified, targeting the $2,800-to-$3,000 support zone - a historically strong base for potential rebounds.

However, the broader risk-reward profile for ETH remained bearish, with analysts maintaining an "Accumulate" rating but noting the need for a retest of $4,955 before bullish momentum could resume. Altcoins fared worse, with XRP dropping 3.6% and Solana (SOL) plunging over 5%.

The liquidation surge was fueled by excessive leverage, with over 150,000 traders liquidated daily. A single $96.5 million position on Hyperliquid became the largest single liquidation, underscoring the fragility of leveraged positions. This follows warnings from the Kobeissi Letter about a structural bear market, with Bitcoin failing to rally despite positive U.S. macroeconomic developments in late October.

Market sentiment turned extreme, with the Crypto Fear & Greed Index hitting 15/100 - the lowest since March 2025. Bitwise's Matt Hougan suggested Bitcoin could rebound in 2026 if it follows a four-year cycle pattern, while Santiment analysts highlighted the "capitulation" phase, predicting a potential November rally as stronger hands accumulate discounted assets.

Regulatory concerns also loomed, as the ISO 20022 standard's Nov. 22 rollout raised fears of amplified market manipulation if wash trading remains unaddressed. This, coupled with elevated open interest, left markets vulnerable to further volatility.

Bitcoin's next critical support sits at $87,800, with a breakdown likely to extend the downtrend. While short-term technical indicators remain bearish, long-term optimism persists among analysts who see positive fundamentals for 2026.