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Bitcoin briefly fell to $93,000 on Monday in Asia before recovering, shedding $510 million in 24 hours and erasing all gains for the year for 2025. This sharp move pushed the Fear and Greed Index to 10, which indicates extreme fear among traders.
Market analysts are monitoring key support areas to assess whether Bitcoin can recover or face further decline in the coming days.
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A sharp correction wipes out 2025 gains
Bitcoin’s recent correction has wiped out nearly 24% from its early October highs of $126,000. The decline was at $93,000 It represents a major psychological and technical collapse, officially eliminating all annual returns to date by 2025.
Price trends over the weekend have changed significantly. For the first time in several weeks, Bitcoin fell over the weekend instead of rising, creating what market analyst KelX PT described as… Bearish setup starting on Monday. Using 300 days of historical data, this model indicates a 36% chance that Monday will set a short-term low.
Market sentiment fell along with the price. decrease Cryptocurrency Fear and Greed Index to 10, drop two points from the previous reading and register extreme fear. This is a remarkable reversal from the end of November 2024, when the index reached a high of 93 amid market jubilation.
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Massive liquidation hits the derivatives market
The price collapse has led to a series of… Liquidation cases Via digital derivatives markets. In 24 hours, the exchanges liquidated more than 150,000 traders, resulting in total closings of more than $510 million. Long positions suffered the biggest loss, losing $40.37 million in one hour and $77 million in four hours.
Bitcoin accounted for $41.61 million in long settlements, followed by Ethereum at $13.99 million. Other cryptocurrencies such as Solana, XRP and Dogecoin have also seen multi-million dollar liquidations with prices falling in Bitcoin’s footsteps.
Support levels set the course for recovery
Market analyst KelXBT has pointed out several critical areas of support for Bitcoin’s short-term trend. Immediate focus on $94,100, with stronger support expected at $93,500 – the opening price of the year – and the category $89,000-$91,000.
These areas have historically attracted high trading activity and open interest, making them prime buying areas based on technical analysis. However, the analyst cautioned against using high leverage now due to ongoing volatility and liquidation risks. With the recent price movements of 4% – 5%, excessively leveraged positions face high risks.
If Bitcoin falls decisively below $85,000, bullish recovery scenarios will become invalid, indicating a trend reversal. If liquidity is absorbed at the lower supports, a move to regain the $100,000 mark is possible, although the resistance at $98,300 must be overcome first.
The current structure indicates growing uncertainty. With sentiment at extreme fear and major liquidations already underway, the market is at a critical point. Whether the buyers will emerge at the support or the sellers will continue to push the price to the price, will give the path of Bitcoin to November and the end of the trading year.
