$94K-$95K is the nearest support; a break below may open the door toward $90K.
Bitcoin extended its multi-day decline on November 14, falling sharply to $94,600 in the last 24 hours. The move marks one of the steepest pullbacks in recent weeks, driven by heavy ETF outflows, renewed long-term holder selling, and intensifying fear across the market. Trading volume surged 71%, signaling forced liquidations and defensive repositioning rather than organic spot demand.
Despite Bitcoin’s long-term bullish narrative, immediate conditions reflect a market under stress, with traders closely monitoring whether the $94,000-$95,000 region can stabilize the sell-off.
The largest single factor behind Bitcoin’s decline is the $867 million withdrawn from U.S. Bitcoin ETFs, marking the heaviest daily outflow since February 2025. Rapid ETF withdrawals tend to produce fast spot-market pressure because issuers must redeem shares by selling underlying BTC.
This wave of redemptions aligns with a broader de-risking phase, where investors reduce exposure ahead of upcoming U.S. economic data releases delayed by the government shutdown. With uncertainty elevated, Bitcoin becomes vulnerable to sharper, liquidity-driven moves.
Another major bearish force is the behavior of long-term holders. Over the past 30 days, they have sold 815,000 BTC, valued at approximately $79 billion — the largest distribution spike since early 2024.
This type of selling typically reflects profit-taking at cycle highs and can signal a transition phase in market structure. When long-term holders distribute heavily into falling prices, it often leads to deeper or more prolonged corrections.
The TradingView chart shows Bitcoin consistently losing momentum across multiple sessions. Price movements formed a clear descending pattern, with each rebound failing at a lower high. The breakdown intensified as BTC slipped under $96,000, followed by heavier spot selling and an uptick in red volume bars.
RSI (14) sits at 33.30, approaching oversold territory but not yet signaling a definitive reversal. This implies that bearish pressure remains dominant, and momentum favors sellers.
MACD also reflects downward momentum, with the MACD line at -389.62 and the signal line at -384.38, keeping histogram bars in negative territory. The separation between the two lines shows that bearish acceleration has not yet cooled.
Both indicators confirm what the price action already suggests, the market is still searching for a short-term floor.
Market sentiment reinforces the decline. The Crypto Fear & Greed Index, last updated prior to the drop, has been trending toward extreme fear. Combined with rising volume and cascading liquidations, the environment encourages protective selling rather than dip-buying.
Capital has rotated into stablecoins as traders reduce leverage and avoid volatility ahead of fresh macro data. This shift reduces spot liquidity for Bitcoin, amplifying each downside move.
Bitcoin now sits at a critical psychological and technical zone. The $94,000-$95,000 band is the nearest potential support. A clean bounce could stabilize momentum temporarily, but failure to hold this level may open the door to deeper retracements.
If sell-side pressure continues, liquidity maps point to potential testing of the $90,000 region, particularly if ETF outflows persist another day or two.
For bulls, the first sign of relief would be a recovery above $97,500, along with a flattening of both the MACD histogram and RSI recovering above 40.
