Ah, Bitcoin-that capricious sprite of the digital realm-took a rather undignified tumble to $92,300 on Tuesday, Nov. 18, as if startled by the political circus unfolding in Washington. The Nasdaq and S&P 500, those staid old uncles of finance, wobbled like drunken ballerinas during a congressional probe into President Trump (because, of course, nothing says “market stability” like political theater). Bitcoin traders, ever the nervous herd, responded by shoveling a staggering 65,200 BTC into exchanges, as though fleeing a burning casino. 🎰🔥
This descent below $92,300 was particularly ironic given the earlier euphoria when Michael Saylor, that modern-day Midas of crypto, proudly announced his firm’s $835 million Bitcoin splurge on Monday. Alas, while strategic whales continue their leisurely accumulation, the short-term holders-those jittery souls-are dumping their holdings faster than a hot potato in a microwave. 🥔💥
CryptoQuant’s JA Maartun, ever the diligent accountant of doom, noted that these short-term holders offloaded their BTC at a loss, as evidenced by the attached P&L chart on X (formerly Twitter, for those still clinging to nostalgia). At current prices near $93,500, this influx represents roughly $610 million in potential sell-side supply-or, as I like to call it, “the digital equivalent of a fire sale.” 🔥💰
CryptoQuant analyst JA Maartun | Source: X.com (where sanity goes to die)
Such gargantuan exchange deposits are like throwing a lead blanket over Bitcoin’s rebound hopes. CoinMarketCap data shows trading volume surged 34% on Tuesday, despite prices doing their best impression of a flatlined EKG. Without a catalyst to counteract the political maelstrom (or Trump’s Twitter thumbs), Bitcoin remains precariously perched on the edge of deeper correction-like a tightrope walker who’s just realized they forgot their net. 🤹♂️
Bitcoin Price Forecast: The Double-Top Debacle
Bitcoin currently hovers around $93,317, having briefly flirted with $90,900-a number that sounds more like a discount mattress than a support level. The broader trend, however, is dictated by a completed double-top breakdown on the 12-hour chart, which sounds like something out of a bad romance novel. The pattern’s projected target? A cozy $89,177, nestled snugly against the lower Bollinger Band like a cat in a sunbeam. 🐈☀️
The Bollinger Bands (20, SMA) are spreading wider than a yawn at a central bank meeting. The upper band at $108,961 is the level Bitcoin must reclaim to escape this bearish purgatory, while the mid-band near $99,069 now serves as a stubborn resistance-like a bouncer at an exclusive club who’s had a bad day. Bitcoin’s repeated failures to close above this midpoint confirm that the bears are still very much in charge. 🐻📉
Bitcoin (BTC) technical price analysis | TradingView (where lines go to party)
The double-top’s profitability ratio sits at 60.60%, with 58.23% of the downside already executed-meaning the bears have done most of their dirty work but aren’t quite ready to call it a night. The breakout probability tool, chilling at 1.00, confirms that Bitcoin remains firmly in the grip of this downward spiral. The RSI on the 12-hour chart lingers at 35, hovering just above oversold territory, but history suggests Bitcoin could keep sliding like a buttered penguin on an ice rink. 🐧❄️
To escape this doom loop, Bitcoin must reclaim the $99,000-$100,000 zone-a feat akin to climbing Everest in flip-flops. Failure to do so invites a retest of $89,000, especially if political chaos or panicked traders keep fueling the fire. So buckle up, dear reader, for Bitcoin’s next act: either a triumphant rebound or a spectacular faceplant. 🎭
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2025-11-19 06:45