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Opinion: the sale of 148,000 BTC “in panic” has increased the risk of Bitcoin falling below $90,000
New holders of digital gold sold more than 148,000 BTC at a loss on November 14. A drop in price below the yearly open at $93,000 may trigger a move into the zone below $90,000.
Bitcoin (BTC) continued to decline amid weakening sentiment after the end of the U.S. government shutdown. The new wave of selling came from investors who bought at the market top.
This forced investors and traders to reassess risks and remain cautious: the latest buyers are already selling their bitcoins at a loss.
New holders are locking in losses
On November 17, the price of the first cryptocurrency fell to $92,000, almost completely erasing gains since the beginning of the year. The end of the 43-day U.S. shutdown failed to improve market sentiment, and investors reassessed risks. The latest buyers began selling the asset at a price below their cost basis.
Bitcoin has rolled back 25% from its all-time high of $126,000 recorded on October 6. The breakdown below the 50-week moving average and the weekly close below $100,000 for the first time in half a year increased market participants’ caution.
On-chain data from CryptoQuant showed that more than 148,000 BTC held by retail investors and “newcomers”—holders whose wallets contain less than 1 million BTC and who held coins for less than a month—were sold at a loss on November 11.
CryptoQuant analyst Crazzyblockk noted that the sell-off occurred around $96,853, which is significantly below their average purchase price in the range of $102,000–107,000.
He emphasized that this is not profit-taking but a large-scale sale with a clear loss.
Glassnode data showed that short-term holders sent 20,175 BTC to exchanges at a loss on November 13. This figure grew to 39,034 BTC the next day, coinciding with a price drop of 13.5% — from $107,500 to $92,900.
This surge in activity demonstrates the typical behavior of speculators who sell in panic during a drawdown.
According to the analyst, many of these investors are experiencing their first major decline and prefer to lock in losses to avoid further downside.
“The dumping of 148,000 BTC at a loss can be viewed as cleansing the market of impatient capital. It creates an opportunity for coins to move from panic sellers to long-term buyers at a discounted price, forming a more sustainable base for the future,” he added.
Bitcoin may fall below $90,000 before a rebound
The drop below the 50-week moving average prompted many analysts to discuss the possibility of a deeper pullback.
Analyst Jelle believes the price is in another correction within Bitcoin’s overall upward trend. He suggested the market could move sideways until the end of the year or correct another 5% before starting to set new highs.
“A 5% drop from current levels will bring the BTC/USD pair to the $89,300 area,” he said.
Analyst AlphaBTC believes the first cryptocurrency is ready for a local rebound, but another move below $90,000 is likely. In his view, a close below the yearly open at $93,300 could lead to a drop toward the April lows around $74,000.
Meanwhile, Polymarket forecasts show mixed expectations: the scenario with a price of $98,000 by the end of the week is priced at 70%, the probability of closing below $92,000 is 55%, and the chance of moving to $90,000 is 35%. The probability of returning above $100,000 remains at 50%.
