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Bitcoin fell below $94,000 on Monday to its lowest level in more than six months as $243 million in futures positions were liquidated and the cryptocurrency triggered a bearish technical signal known as a “death cross.”
The decline, which pushed prices down more than 10% over the past week, came amid continued outflows from U.S. spot bitcoin ETFs and fading expectations for Federal Reserve interest rate cuts.
Bitcoin reached an intraday low of $93,029 during Asian trading hours on November 17—its weakest level since April 12.
More than $243 million in Bitcoin futures positions were liquidated within the last 24 hours, with long traders taking the sharpest hit. In total, long positions accounted for $136.6 million of the wipeouts—a sign that leveraged traders were significantly overexposed to bullish momentum despite deteriorating market conditions.
Liquidation events of this scale can force exchanges to automatically close positions when margin levels fall too low, often generating heavy sell pressure. This dynamic has contributed to volatility in the Bitcoin price, similar to last month’s dramatic event in which over $20 billion was flushed out of the market in a single day.
Macroeconomic factors also weighed on sentiment. Data from the CME FedWatch Tool shows that expectations for a Federal Reserve rate cut in December have sharply declined, with odds of a 25-basis-point cut falling to 43.9%. Prediction market Polymarket reflects similar market skepticism, showing a 46% probability—down from over 80% at the beginning of November.
With declining expectations for monetary easing, the Bitcoin price remains vulnerable to further downside as investors shift away from high-risk assets.
Institutional activity in the spot Bitcoin ETF market has also contributed to selling pressure. The 12 U.S.-listed Bitcoin ETFs recorded more than $2.3 billion in net outflows over the past two weeks, according to SoSoValue data. Sustained withdrawals from these funds indicate that large investors are reducing their exposure, which continues to exert downward pressure on the Bitcoin price.
A weakening institutional bid is historically one of the strongest indicators of medium-term market softness. Analysts warn that without renewed demand from ETF issuers, custodians, and asset managers, the Bitcoin price may continue to drift toward lower support levels.
Market technicians note that the Bitcoin price has triggered a bearish signal known as a “death cross”—a formation that occurs when the 50-day simple moving average crosses below the 200-day simple moving average. Historically, this pattern has often preceded extended downside periods.
The weekly chart also closed below the 50-day exponential moving average for the first time since August 2023, further strengthening bearish momentum.
A widely-followed analyst, Ted (@TedPillows), highlighted the signal on social media:
“$BTC is about to close its first weekly candle below EMA-50 since August 2023. This isn’t looking good.” — Ted (@TedPillows)
The Aroon indicator reinforces the shift in momentum, with the Aroon Up metric at 92.86% and the Aroon Down at 0%, suggesting that sellers currently dominate the market direction.
Short-term support for the Bitcoin price now sits in the $93,770 to $94,000 range. A confirmed breakdown could open the door to a decline toward the $90,000 psychological threshold, or potentially lower if selling pressure intensifies.
As traders navigate the combination of weakening ETF demand, reduced expectations of rate cuts, and heavy derivative liquidations, the Bitcoin price remains under significant pressure. Without a meaningful shift in macroeconomic outlook or renewed institutional inflows, analysts warn that near-term recovery may be limited.
