Bitcoin Plunges Below $90,000: Wiping Out 2025 Gains in Sharp Sell-Off

Bitcoin plunged below $90,000 on November 18, 2025, marking its lowest level in seven months and erasing all gains for the year. The cryptocurrency fell as low as $89,426 before rebounding slightly to trade around $91,000, down more than 26% from its October high of $126,000. This dramatic reversal has wiped out $1 trillion from the broader crypto market, pushing sentiment into “extreme fear” territory as investors grapple with renewed volatility.

The Sell-Off: From $126,000 Peak to $89,426 Low

Bitcoin’s decline accelerated overnight, breaking the psychologically important $90,000 support after trading near $94,000 earlier in the week. The drop, which saw BTC lose over 5% in 24 hours, extended a month-long slide that has now erased all 2025 gains. At its intraday low of $89,426, Bitcoin was at levels not seen since April 2025, when it hovered around $75,000.

The cryptocurrency’s fall triggered widespread liquidations, with over $1 billion in positions wiped out in the past 24 hours—mostly long positions. Ethereum, Solana, Binance Coin, and XRP all followed suit, posting losses of 5.6%, 3.2%, 3%, and 3.8%, respectively. The total crypto market has shed more than $1 trillion in value over the past six weeks, reflecting a broad retreat from speculative trading.

• Daily Decline: -5% to $91,000; weekly -13%.
• YTD Impact: All 2025 gains erased; from $94,000 year-start.
• Liquidations: $1B+ in 24 hours; 70% longs.

Key Drivers: “Death Cross,” ETF Outflows, and Macro Pressures

The plunge was exacerbated by technical and fundamental factors. Bitcoin’s chart formed a “death cross,” where the 50-day moving average crossed below the 200-day moving average—a bearish signal that often precedes extended drawdowns. This pattern appeared as liquidity thinned, with investors reluctant to embrace risk amid ongoing U.S. government shutdown concerns and Federal Reserve uncertainty.

U.S. spot Bitcoin ETFs saw $1.11 billion in net outflows last week—the largest since February—contributing to the pressure. Since October 10, when equity markets plunged on U.S.-China tariff tensions, $3.7 billion has exited these funds, $2.3 billion in November alone. The Fear & Greed Index has fallen to 11, indicating extreme fear, with the benchmark S&P 500 up 12.5% year-to-date while Bitcoin lags.

Macro headwinds include stalled ETF inflows and a stronger dollar (DXY above 100), which has pressured risk assets. Analysts note that the drop to $89,420 on major platforms marked Bitcoin’s lowest since February, completing a reversal from the $126,250 record set roughly six weeks ago.

• Technical Signal: Death cross on daily chart.
• ETF Outflows: $3.7B since October 10.
• Macro: Dollar strength; Fed cut odds at 50.7%.

Broader Market Impact: Altcoins Tumble, Stablecoins Surge

The Bitcoin rout has rippled across the crypto space, with Ethereum down 5.6% to $3,200, Solana 3.2% to $154, Binance Coin 3% to $580, and XRP 3.8% to $2.25. The total market has lost over $1 trillion in six weeks, with investors fleeing to stablecoins amid rising caution.

While some view the slide as a healthy correction after Bitcoin’s 83% surge from $69,000 pre-Trump reelection, others warn of deeper pain if selling persists. Bitcoin could test $85,000-$80,000 next, with long-term supports around $75,000 where buyers may step in.

Sentiment and Outlook: Extreme Fear, But Potential Rebound

Market sentiment is at “extreme fear” levels, with the Fear & Greed Index at 11—the lowest since March. However, some analysts see the drop as a buying opportunity, noting that Bitcoin’s break below $90,000 coincides with global stock sell-offs reinforcing institutional derisking. A rebound above $92,000-$95,000 could retest $100,000 psychological resistance.

For now, the market remains fragile, with Bitcoin navigating one of its most volatile stretches of 2025.