Bitcoin briefly dropped to $93,000 early Monday in Asia before rebounding, sparking $510 million in 24-hour liquidations and wiping out all year-to-date gains for 2025. The sharp move drove the Fear and Greed Index to 10, signaling extreme fear among traders.
Market analysts are watching key support zones to assess whether Bitcoin can recover or faces more downside in the coming days.
Sharp Correction Wipes Out 2025 Gains
Bitcoin’s recent correction erased nearly 24% from its early October high of $126,000. The dip at $93,000 marked a notable psychological and technical breakdown, officially nullifying all year-to-date returns for 2025.
Weekend price trends shifted markedly. For the first time in several weeks, Bitcoin declined over the weekend instead of rising, creating what market analyst KillaXBT called a bearish setup heading into Monday. Using 300 days of historical data, this pattern suggests about a 36% probability that Monday will establish a near-term low.
Market sentiment plunged alongside the price. The Crypto Fear and Greed Index dropped to 10, down two points from the previous reading and registering extreme fear. This is a marked reversal from late November 2024, when the index hit a high of 93 amid market euphoria.
Massive Liquidations Hit Derivatives Market
The price collapse led to a cascade of liquidations across crypto derivatives markets. In 24 hours, exchanges liquidated over 150,000 traders, resulting in closures totaling over $510 million. Long positions suffered the most damage, losing $40.37 million in a single hour and $77 million over four hours.
Bitcoin accounted for $41.61 million in long liquidations, followed by Ethereum at $13.99 million. Other cryptocurrencies, such as Solana, XRP, and Dogecoin, also saw multi-million-dollar liquidations as prices followed Bitcoin lower.
Liquidation Heatmap. Source: Coinglass
Support Levels Set the Path for Recovery
Market analyst KillaXBT has pointed out several crucial support zones for Bitcoin’s near-term direction. Immediate focus is on $94,100, with more substantial support anticipated at $93,500—the year’s opening price—and the $89,000-$91,000 range.
These areas have traditionally attracted high trading activity and open interest, making them key buy zones based on technical analysis. However, the analyst warned against using high leverage now due to ongoing volatility and liquidation risks. With recent price swings of 4-5%, overleveraged positions face elevated risk.
If Bitcoin falls decisively below $85,000, bullish recovery scenarios would be invalidated, signaling a trend reversal. If liquidity is absorbed at lower supports, a move to reclaim the $100,000 mark is possible, though resistance at $98,300 must be overcome first.
The current structure points to heightened uncertainty. With sentiment at extreme fear and major liquidations already occurring, the market sits at a critical point. Whether buyers emerge at support or sellers push the price lower will shape Bitcoin’s path through November and year-end trading.
