Bitcoin News Today: Bitcoin’s Overzealous Bulls Face Off Against $102K Support Amid Intensifying Bear Market

Bitcoin's downward

grew stronger toward the end of November 2025 as major metrics pointed to increasing strain in the crypto sector. MicroStrategy's (MSTR) NAV slipped under 1, meaning its market capitalization dropped below the net value of its assets after subtracting liabilities, reflecting investor concerns about the company's leveraged buying approach . Experts observed that while MSTR's bold Bitcoin acquisitions initially boosted demand, this impact has faded, with an estimated $48.1 billion in implied Bitcoin demand .

Both institutional and retail appetite for Bitcoin and alternative coins diminished. U.S.-listed Bitcoin ETFs saw $870 million withdrawn on November 14,

, primarily from Grayscale's and BlackRock's IBIT. ETFs also experienced $260 million in outflows, . Retail interest in stayed muted, with futures open interest close to $3.78 billion, .

Sentiment across the market became more negative. Over 88% of Bitcoin trades were long positions, indicating excessive bullishness, while the Fear and Greed Index plunged to 16,

. On-chain analysis from CryptoQuant revealed the Bull Score Index , signaling a deepening bearish trend. Long-term holders (LTHs) offloaded 815,000 BTC in the past month, , further increasing selling pressure.

Technical signals pointed to the risk of a steeper downturn. Bitcoin's 365-day moving average (MA) at $102,000 became a crucial support, having historically served as a psychological threshold in previous bull runs

. Failing to reclaim this level could hasten a prolonged bear market. At the same time, short-term investors faced near-capitulation losses of 12.79%, with newcomers down 3.46% and those holding for a month seeing a 7.71% loss .

Volatility surged to extreme levels, with $1.1 billion in positions liquidated within 24 hours, including a $44.29 million BTC-USDT trade on HTX

. to the period around the FTX collapse, noting that Bitcoin's RSI had dropped into oversold territory for the first time since 2022. A $131 million short on Hyperliquid , a level that was within reach as of November 10.

Despite the prevailing pessimism, a few analysts maintained a cautious optimism. Willy Woo suggested that if MSTR's share price stayed above $183.19 through 2027, it would avoid forced Bitcoin sales, while

a possible stabilization zone near $94,000, linked to the cost basis of holders with 6–12 month positions. Still, most experts urged caution, as institutional withdrawals, weak retail participation, and worsening technical signals suggest a bleak short-term outlook for Bitcoin.