Bitcoin plunged below the $100,000 mark in November 2025, erasing the year’s gains and sending crypto markets into a tailspin. The digital asset broke below its 15-month trendline support, triggering a wave of selling pressure that’s pushed the market into what analysts are calling “extreme fear” territory. The Fear & Greed Index hit a dismal 17. Yikes.
Bitcoin ETFs haven’t helped the situation. They’ve recorded their second-largest outflow of 2025, with $2.33 billion fleeing by mid-November. If trends continue, this month will go down as the worst ever for BTC ETF outflows. Not exactly a vote of confidence from institutional investors.
Technical indicators aren’t painting a prettier picture. Bitcoin has formed a bearish structure with a clear “lower low” on daily charts. The break below $98,000 confirmed what many traders feared – bulls are losing their grip.
Bitcoin’s bearish structure spells trouble as the $98,000 breakdown confirms what market participants dreaded—bulls have lost control.
Critical support now sits between $88,000 and $84,000, with potential for drops to $77,000 or even $74,500 if things get ugly. On-chain data shows transaction volume surged to $45.6 billion on November 15 despite the bearish price action.
The price action has pushed Bitcoin’s 2025 returns into negative territory, mirroring the weakness seen in previous down years like 2019 and 2022, which saw losses around 14%. This volatility contrasts sharply with Bitcoin’s market dominance position of approximately 62.7% as recently as September 2025. Ethereum and other major cryptocurrencies are showing similarly dismal performances. So much for “number go up” theory.
Interestingly, whale behavior tells a different story. There’s been a sharp increase in entities holding at least 1,000 BTC, climbing to 1,436 in November despite falling prices. These big players appear to be buying the dip, reversing their selling trend from earlier in the year.
Bitcoin has hit the 61% Fibonacci retracement level – a technical zone many traders watch for potential reversals. BlackRock alone contributed to over 94% of daily outflows at one point, intensifying the selling pressure. But with historical patterns showing that red Novembers typically lead to red Decembers, the immediate outlook remains grim.
The market’s in a discount zone, but that doesn’t mean prices can’t go lower. Much lower.
