Crypto Winter Warning: BTC Breaks $90K, $1.22B Liquidated, Must Reclaim $110K 200DMA

Reading time : 5 min.
Share: Facebook
Twitter

Crypto Winter Warning: BTC Breaks $90K, $1.22B Liquidated, Must...

Georgi Shopov
18 November, 2025, 16:52
132

Is Crypto Winter Arriving? Market Signals Point to Deepening Bear Trend

What Does Crypto Winter Really Mean for Everyday Investors?

For the average market participant, a crypto winter signals shrinking investor confidence, weakening sentiment, and a persistent decline in asset prices across the market. It is a period defined by reduced trading activity, slower capital inflows, and sharper emotional responses from investors who fear prolonged losses.

While some experts caution that a severe bear market is imminent, others leave room for a short-term recovery—though such a turnaround would require decisive bullish action from Bitcoin in the next 2–3 weeks.

Are Analysts Wrong About a Potential Bear Market?

Could experts be mistaken? Yes, but the odds are low. For sentiment to shift, Bitcoin’s bulls would need to stage an impressive recovery in the near term. Without that, the broader market is likely to continue trending downward, as recent data increasingly supports the bearish case.

Massive Liquidations Fuel Fears of Market Breakdown

Signs of crypto winter have accelerated rapidly. In the past week alone, more than $1.227 billion worth of futures positions were liquidated—just from Bitcoin (BTC) and Ethereum (ETH).

Glassnode data shows that ZCash (ZEC) followed closely behind with $193.77 million in weekly liquidations, underscoring the severity of the market-wide shakeout.

Meanwhile, Bitcoin’s Open Interest has plunged sharply, falling from $90.24 billion on October 10 to $66.54 billion, reflecting evaporating leverage and declining investor appetite.

ETF Outflows Add to the Growing Bearish Pressure

Crypto analyst Maartun highlighted on X that U.S. Bitcoin ETFs have collectively fallen by $3.29 billion from their peaks—marking their second-largest drawdown since launch.

Decreasing ETF inflows are historically tied to weak market sentiment and tend to foreshadow deeper corrections.

What Happens During a Crypto Winter?

Bitcoin recently broke below $90,000, marking its weakest level in nearly seven months. This decline, combined with falling Open Interest and thinning spot volumes, suggests that the market may already be entering a new bearish phase.

Cantor Fitzgerald Forecasts 2026 Crypto Winter: Why $70K is the New 'Institutional Floor' for Bitcoin

A further drop in ETF volume and institutional participation would reinforce this trend, signaling tightening liquidity across the ecosystem.

Total Market Cap Signals Caution

The total crypto market capitalization slid to $3.04 trillion, revisiting a long-term trendline that dates back to October 2023. A 28.9% decline in just 45 days paints a grim picture and provides strong evidence that sentiment is deteriorating rapidly.

Even more concerning, the altcoin market cap—excluding Ethereum—struggled to surpass its 2021 high of $1.13 trillion, highlighting poor performance this cycle and contributing to the increasingly pessimistic outlook.

Bitcoin’s Critical Levels and the Start of a Bear Market

Crypto analyst Benjamin Cowen emphasized the importance of Bitcoin reclaiming its 200-day Moving Average (200DMA). Failure to do so would strongly suggest the start of a bear market.

If BTC retests the 200DMA and fails to break above it, this would create a macro lower high—a key indicator of an extended crypto winter.

At present, the 200DMA sits around $110.4k, a level that BTC must revisit and reclaim to avoid deeper downside targets. In a confirmed bearish scenario, Bitcoin could eventually drop toward the 200-week Moving Average, historically found in the $60k–$70k range.

A Final Chance for Bulls? Not All Signals Agree

Not everyone is convinced the cycle top is in. Joao Wedson, CEO of Alphractal, noted that several Alpha indicators still do not confirm an all-time high for this cycle.

However, he cautioned that for BTC to reach a new peak, the next 2–3 weeks would need to produce an explosive bullish rally—a tough but not impossible task.

Outlook: Winter Is Approaching, but Not Fully Here Yet

While no one can predict the future with certainty, market data from previous cycles suggests that investors should prepare for a potential downturn. Crypto winter is not fully confirmed, but it is undeniably advancing quickly.

The key factor to watch now is whether Bitcoin can stage a sharp rebound toward $110k. If not, the market may be settling into the early stages of a prolonged bearish phase.