The crypto market extended its sell-off on Tuesday, Nov. 18, with Bitcoin breaking below the $90,000 support level for the first time in nearly seven months. Altcoins bled across the board, and more than $1 billion in leveraged positions were liquidated within 24 hours.
Bitcoin plunged sharply from $95,903 to $89,455, its lowest level since April, before stabilizing around $89,812 down 5.1% in a day and nearly 29% below its all-time high of $126,080 set six weeks ago.
Ethereum, Solana, XRP Also Sink as Market Turns Deep Red
Ethereum followed the same path, dropping 5.3% and trading near the $3,000 mark.
Major altcoins were all in decline:
- XRP: –3%
- Solana: –4%
- Dogecoin: –3%
- Cardano: –5%
Across the top 100 assets, only six tokens remained in the green.
Leading the declines were:
- Pump.fun (PUMP)
- Zcash (ZEC): –11%
- Mantle (MNT): –9%
Overall market capitalization fell 4.2%, wiping out $140 billion in a single day, bringing the total to $3.18 trillion.
Market Liquidations Exceed $1 Billion
Risk-off sentiment accelerated as $1.01 billion in crypto positions were liquidated:
- $718 million from long positions
- Renewed panic after last month’s historic $20B liquidation cascade
- Traders continue to deleverage on CEXs and DeFi platforms
Such wipeouts often reinforce fear-driven cycles, causing more traders to exit positions.
Extreme Fear Dominates as Indicators Hit Lows
The Crypto Fear and Greed Index fell to 11, its lowest reading since February firmly in “Extreme Fear.”
Historically, this sentiment level is associated with:
- Freefalling prices
- Shrinking open interest
- Poor liquidity
- Hesitant buyers
Crypto markets tend to retreat under fear and only recover once confidence rebuilds.
Bitcoin Forms Strong Bearish Patterns: Double Top & Death Cross
BTC’s technical setup has turned even more bearish.
1. Double-Top Pattern
- Peaks at $124,560
- Neckline at $107,276
- Breakdown from neckline triggered stronger selling
Double tops often signal deeper multi-week corrections.
2. Death Cross
The 50-day EMA has crossed below the 200-day EMA a classic bearish long-term indicator.
While lagging, a death cross typically confirms prolonged downward momentum unless buying pressure returns.
Stablecoin Reserves Shrink A Warning Signal
On-chain liquidity continues to weaken.
Nansen data shows:
- Stablecoin balances dropped from $89B → $85B since Nov. 10
Lower stablecoin reserves mean:
- Fewer buyers ready to re-enter
- Lower liquidity on exchanges
- Reduced odds of a strong rebound
Corporate crypto treasuries have also paused accumulation and in some cases begun liquidating to protect their balance sheets during the downturn.
ETFs Experience Heavy Outflows as Macro Risks Rise
Spot Bitcoin ETFs, which attracted $25B in earlier inflows, have now seen:
- $2.5B in net outflows since November
Investors are concerned about:
- Trump’s proposed tariff measures
- Rising inflation risk
- Delayed Federal Reserve rate cuts
- Broader macro uncertainty
All of this has weakened appetite for risk assets like crypto.
What’s Next? Key Catalysts This Week
Investors are waiting for two major events that could determine crypto’s near-term direction:
1. Nvidia Earnings (Wednesday)
As the world’s largest chipmaker and the face of the AI boom:
- Strong earnings → Risk assets may rally
- Weak earnings → Could trigger a broader tech and crypto sell-off
AI-linked cryptocurrencies could be especially sensitive.
2. FOMC Minutes (Wednesday)
Markets are watching closely for:
- Any dovish shift → Positive for crypto
- Hawkish tone → Could deepen the bear market
Macro conditions remain the dominant driver of crypto price action.
Outlook
Crypto remains heavily oversold, but momentum is bearish, and liquidity is weakening.
A recovery may require:
- Stabilizing macro conditions
- Positive earnings from Nvidia
- Signs of dovish intent in the Federal Reserve minutes
- Increased stablecoin inflows
Until then, caution remains the prevailing sentiment.
