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Bitcoin Crashes, Wiping Out $120 Billion in Market Cap – What’s Next?

$BTC just took a massive hit, crashing to a 6-month low and erasing $120 billion in a single day. On Friday, November 14, Bitcoin briefly dropped below $96,000, its lowest level since May, as a result of heavy institutional outflows and a wave of liquidations across leveraged positions.

Here’s the breakdown:

$870 million pulled from Bitcoin ETFs on November 13, causing a major drop in BTC's market cap, which fell to $1.94 trillion

Over $500 million in leveraged $BTC positions were liquidated, with 90% of those losses coming from long positions

The total crypto market cap also fell by a similar margin to $3.73 trillion.

The reason? Institutional outflows. Bitcoin ETFs saw their second-largest withdrawal of the year, totaling $870 million on November 13, with Grayscale’s Mini BTC seeing the biggest losses at $318 million, followed by BlackRock’s $257 million and Fidelity’s $120 million. Over the last three weeks, Bitcoin ETFs have lost a total of $2.64 billion

Long-term holders have been selling off nearly 390,000 BTC since October, and the exchange inflows have spiked - 12,000 BTC moved to trading platforms in just 24 hours, marking the biggest move since March

What’s Next for Bitcoin?

Bitcoin now faces critical support between $96,500 and $97,000, below key technical levels like the 200-day EMA and Fibonacci retracement levels. If this support breaks, analysts predict that Bitcoin could dip further to the $82,000 and $66,000 levels

Momentum indicators, including the RSI at 33 and the MACD at -2,752, show oversold conditions, but no clear reversal signals yet. Until the market finds fresh catalysts, Bitcoin is likely to remain under pressure

Bitcoin has seen these dips before, and it always comes back stronger - but for now, investors will be closely watching how the next wave of support holds up

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