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Market snapshot: Bitcoin slips, altcoins tumble
Crypto markets extended a sharp correction on Tuesday, Nov. 18, as Bitcoin fell under the $90,000 support level and leading altcoins recorded material losses. The sell-off pushed total crypto liquidations above $1 billion in the past 24 hours, reflecting severe deleveraging across derivatives and spot venues. Traders and investors are monitoring macro signals and on-chain liquidity metrics for clues about whether this episode marks a continued bear phase or a short-lived drawdown.
Where prices stand
Bitcoin (BTC), the largest digital asset by market capitalization, dropped from intraday highs near $95,900 to a low of $89,455, its weakest level since April. At the time of reporting it was trading around $89,812, down roughly 5.1% over 24 hours and about 28.6% below the all-time high of $126,080 recorded just six weeks ago. Ethereum (ETH) mirrored Bitcoin’s move and fell about 5.3% on the day to hover near the $3,000 zone.
Major altcoins including XRP, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) declined in the 3–6% range, while a handful of smaller tokens among the top 100 posted deeper losses. The broad market cap dropped about 4.2% to roughly $3.18 trillion as nearly $140 billion of market value was erased over 24 hours.
Derivatives pain: More than $1 billion liquidated
Data from derivatives trackers showed that total crypto liquidations exceeded $1.01 billion during the latest downleg, with long positions accounting for approximately $718 million of that amount. These forced unwindings magnify price moves and typically increase volatility as leveraged traders are closed out and exchanges rebalance exposures.
The flow of liquidations follows a prior wave in which the market saw roughly $20 billion wiped out in margin calls a month earlier. Such episodes often trigger caution among leveraged participants and can lead to temporary liquidity vacuums across centralized and decentralized trading platforms.
Sentiment gauges flash extreme fear
The Crypto Fear and Greed Index slid to 11, the lowest reading since February, signaling extreme fear among market participants. Historically, indices at such low levels have coincided with intense selling pressure and heightened volatility; conversely, rebounds in the index have preceded improved risk appetite and market rallies when investor confidence returns.
Technical outlook: Double top and death cross raise downside risk
On the technical front, Bitcoin’s daily chart shows two bearish formations that analysts say increase the odds of further losses. First is a double-top pattern with the peak around $124,560 and a neckline near $107,276. Breach of the neckline on strong volume typically signals an extended correction and can accelerate selling.
Second, Bitcoin has registered a death cross, where the 50-day Exponential Moving Average crossed below the 200-day Exponential Moving Average. While a lagging indicator, the death cross often coincides with sustained negative momentum and can influence sentiment-driven selling in the coming weeks if buyers fail to re-enter the market.
On-chain indicators: Stablecoin reserves and ETF flows weaken
On-chain liquidity metrics add to the cautious picture. Nansen data shows the total stablecoin balance on exchanges fell to about $85 billion, down from a Nov. 10 peak near $89 billion. Declining exchange stablecoin reserves are commonly interpreted as reduced immediate buying power, which can limit the market’s capacity to absorb selling and hinder quick recoveries.
Corporate crypto treasuries that were net buyers earlier this year have largely paused accumulation, with some firms opting to liquidate positions to preserve cash flow amid market uncertainty. Spot Bitcoin ETFs, which had attracted more than $25 billion in inflows during the year, recorded net outflows of roughly $2.5 billion since November as macro concerns resurfaced.
Macro drivers: Trade policy, inflation and Fed expectations
Renewed trade uncertainty tied to proposed tariff measures has stoked fears of higher inflation and potential delays in Federal Reserve easing. Market participants see a hawkish Fed as a headwind for risk assets, including cryptocurrencies, because higher rates or a delayed easing cycle tend to dampen risk-taking and reduce demand for speculative assets.
What to watch next: Earnings, Fed minutes and catalysts
Looking ahead, market participants are awaiting several catalysts that could shape near-term price action. Nvidia will report quarterly earnings on Wednesday, offering a read on demand for AI chips and sentiment toward tech-focused investments. Strong results could buoy equities and tech-linked crypto tokens; weak numbers may compound risk-off flows.
The Federal Open Market Committee minutes from the Nov. 12–13 meeting will also be released. Investors will parse the minutes for clues about the Fed’s policy path ahead of the December meeting. Any hint of a dovish shift or a clear path to easing could reinvigorate risk appetite, while reaffirmation of a hawkish stance could extend selling pressure across both crypto and equity markets.
Investor posture: Risk management and patience
For traders and investors, the current environment underscores the importance of risk management. Leveraged traders should reassess exposure in light of elevated volatility and the recent liquidation events. Longer-term holders may view the pullback as a re-evaluation point but should weigh potential tax, liquidity, and macro implications before adjusting positions.
In short, the market remains highly sensitive to macro headlines, on-chain liquidity shifts, and technical signals. A confluence of negative catalysts pushed prices lower this week, while a few visible catalysts—earnings reports and FOMC minutes—could trigger meaningful moves in either direction. Watch BTC and ETH price behavior, stablecoin balances on exchanges, and derivatives funding rates to gauge whether selling pressure is easing or likely to persist.
Source: crypto
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