Bitunix Analyst: Bitcoin Plunges to $96,000 — Market Enters New Bear Phase, Key Support at $93,000
AI Summary2 min read
TL;DR
Bitcoin dropped to $96,600, entering a bear phase due to institutional outflows and weak ETF inflows. Key support is at $93,000-$95,000; a break could lead to further declines to $89,600. No reversal signals are present, with resistance at $100,200 and $107,300.
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Halving TokensLayer 1BitcoinBear MarketETF InflowsSupport LevelsMarket Liquidity
On November 14, the crypto market experienced another sharp sell-off as Bitcoin fell below the psychological threshold of $100,000, hitting a low of $96,600, its lowest level since May. With U.S. tech stocks tumbling and risk aversion rising, the capital that previously supported the rally — including institutional funds, ETF inflows, and corporate buyers — has started to retreat, leaving the market increasingly fragile. According to 10x Research, the market has now entered a bear phase, driven by weakening ETF inflows, long-term holders reducing exposure, and persistently low retail participation.
Structurally, Bitcoin’s break below its monthly midpoint at $100,266 has triggered a rapid retest of lower liquidity zones. Short-term support lies between $93,000 and $95,000, with the next liquidity gap around $89,600 if this zone fails. On the upside, resistance stands at $100,200 and $107,300. Market liquidity is trending downward, and no clear reversal signals have yet emerged.
Bitunix Analyst’s View:
The latest decline reflects a structural repricing driven by leverage unwinding, institutional outflows, and fading market narratives — rather than a simple technical correction. Bearish sentiment is now reinforced across both fundamentals and derivatives. Capital is expected to prioritize liquidity safety zones. If the $93,000 support holds, the market may enter an accumulation phase; if breached, traders should brace for a deeper move into the next liquidity pocket.