Bitcoin extended its losing streak on Monday, plunging below the critical $94,000 support level amid rising liquidations and persistent outflows from U.S. spot ETFs.
The world’s largest cryptocurrency briefly fell to $93,029, marking its lowest price since April 12. At last check, BTC hovered near $95k, down 10.6% over the past week and sitting 24% below its all-time high of $126k, reached just a month ago.
Macro Pressure Weighs on Investors
The sell-off comes as traders scale back expectations for another Federal Reserve rate cut this year. As rate-cut odds weaken, crypto markets often experience risk-off behavior.
- CME FedWatch Tool: Only 43.9% chance of a December rate cut
- Polymarket: Just 46% probability, down from 80% earlier this month
This shift has pushed traders into defensive mode, accelerating the downturn in Bitcoin and dragging broader crypto sentiment with it.
Over $240 Million in BTC Position Liquidations
The past 24 hours have seen $243 million in Bitcoin futures liquidations, with longs experiencing the most pain at around $136.6 million.
Large liquidation cascades, like the one seen last month when over $20 billion was wiped out, can amplify downward momentum and that’s exactly what the market is showing again.
ETF Outflows Add to Sell Pressure
Spot Bitcoin ETFs in the U.S. have recorded over $2.3 billion in outflows in just two weeks, signaling weakening institutional appetite.
Large investors pulling capital out of ETFs typically reflect declining confidence a trend that may continue to pressure BTC through the week.
Chart Signals Turn Bearish: Death Cross Confirmed
Bitcoin has officially confirmed a death cross on the daily chart one of the most widely recognized bearish indicators. This occurs when the 50-day simple moving average dips below the 200-day SMA, often signaling extended downside.
Other bearish technical signals include:
- Weekly close below the EMA-50 first time since August 2023
- Aroon indicator:
- Aroon Up: 92.86%
- Aroon Down: 0%
→ Bears firmly in control
These indicators collectively suggest a weakening market trend and potential for further declines.
Key Levels to Watch
Bitcoin is now testing a crucial zone between $93,770 and $94,000.
A confirmed break below this range could open the door to:
- $90,000 psychological support
- Potential lower downside if macro conditions worsen
Many traders are now watching whether BTC can reclaim the $94k level or if bearish pressure will deepen into the week.
