Bitcoin Leads Crypto Market Sell-Off
The cryptocurrency market faces pressure as Bitcoin (BTC) dips below $90,000. It touched $89,000 earlier today, marking a 43-day correction. Currently, Bitcoin trades around $91,592 with a 24-hour volume of $74.33 billion, according to CoinMarketCap.
Ethereum (ETH) is also under pressure, trading near $3,086, up 1% in the last 24 hours but down 23% monthly. Other altcoins show mixed results. XRP trades at $2.14, BNB at $923.12, and Solana at $138.96. These coins are slightly up today but remain down 5% to 13% for the week.
The total crypto market capitalization stands at $3.1 trillion, with a 24-hour trading volume near $163 billion.
Market Sentiment and ETF Flows
Bitcoin still holds 58.3% of the crypto market dominance. Ethereum accounts for 11.8%, with all other coins sharing the remaining 30%, per CoinMarketCap. The Fear and Greed Index remains low at 16, indicating deep market fear.
The Altcoin Season Index is at 29, showing Bitcoin is currently attracting more attention than altcoins. Crypto ETFs saw mixed flows recently, with $4.447 billion in outflows recorded on November 18. This points to cautious institutional interest amid volatile markets.
Perpetual futures show heavy trading volume at $788.57 billion and open interest of 4.35 billion. Bitcoin’s implied volatility stands at 53.17 and Ethereum’s at 78.25, both signaling high risk.
Altcoins Show Resilience Despite Bitcoin Sell-Off
Analyst Bull Theory noted on November 18 that altcoins have held up better than expected, despite Bitcoin dropping below $90,000 for the first time in about seven months. Typically, altcoins weaken sharply in such conditions, but this time they showed strength.
The analyst explained that structured institutional selling triggered Bitcoin’s initial decline, followed by panic retail selling. Altcoins, however, had reached a selling exhaustion point, preventing a broader collapse.
Bitcoin dominance remains below its 50-week exponential moving average (EMA), indicating altcoins are not being abandoned. The ETH/BTC pair recently lost its 50-week EMA but is attempting a recovery. This suggests selling pressure is mainly on Bitcoin, with potential stabilization ahead.
Ethereum Faces Technical Challenges
Ethereum trades between $2,989 and $3,123 on the 24-hour chart with shrinking volatility, according to TradingView. The price is near the lower Bollinger Band, signaling ongoing selling pressure and weak buying interest.
The MACD indicator remains negative, indicating bearish momentum. Past recovery attempts failed to break the middle Bollinger Band, showing sellers maintain control.
Crypto analyst Crypto Patel said, “$ETH has locked in a downside break of structure at $2,943. Smart money is now pulling price into premium for mitigation. Next target liquidity lies between $3,270 and $3,363.” Patel sees a likely 15% corrective pump if the structure holds.
Bitcoin and Ethereum remain under pressure, but altcoins are more resilient. Large investors have mostly sold Bitcoin, leaving altcoins less affected. This trend could mean the broader correction is approaching its end.
