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Bitcoin price tumbled close to $98,000 today, marking the third time this month, leaving traders on edge as over $700 million in long positions get wiped out. Once hailed as a bullish month, November is turning red fast, with Bitcoin already down more than 10%.
So, what exactly triggered this sudden crash, and could Bitcoin fall even lower from here?
Reason Behind the Bitcoin Price Drop
Despite the U.S. government reopening after a 43-day shutdown, the broader financial market is still struggling. And here is the key reasons why bitcoin price is still dropping today.
Crypto-Related Stocks Plunge Hard
One of the main reasons behind today’s Bitcoin drop is the sharp plunge in crypto-related stocks, which dragged down the entire market.
Shares of major crypto firms tumbled,
Cipher Mining dropped 14.4%
, Riot Platforms and Hut 8 fell 13%, while MARA Holdings and Bitmine Immersion slid over 10%. Even giants like Coinbase and MicroStrategy saw 7% declines.
The sell-off came alongside a broader tech market slump, with the Nasdaq down by 2%, and the S&P 500 has dropped 1.3%.
Sentiment Weakening as Fed Rate Cut Hopes Fade
Another key reason behind Bitcoin’s drop is fading hopes for a December Fed rate cut. Recent comments from Fed officials have dampened easing expectations, pushing investors toward a risk-off stance. This shift has hit speculative assets like crypto the hardest, driving fear among traders.
According to Santiment, social sentiment has turned sharply negative, while the Crypto Fear & Greed Index plunged to 15, its lowest in seven months, showing extreme fear in the market.
— Santiment (@santimentfeed) November 13, 2025
Bitcoin has dumped below $100K for the second time this month. Predictably, this has caused a wave of FUD and concerned social media posts from retail traders. As shown below:
: Significant bullish/greedy bias (usually when markets are getting too much FOMO, prices will go… pic.twitter.com/rowUv3xIMd
Institutional Selling and ETF Outflows
Adding even more pressure to Bitcoin’s decline is the wave of large-scale selling by institutional investors. Reports suggest that BlackRock, Binance, and Wintermute have offloaded more than $1 billion worth of Bitcoin, triggering a quick 5% price drop within minutes.
At the same time, Bitcoin ETFs are seeing heavy outflows. On November 12, funds recorded around $278 million in withdrawals, adding to more than $1 billion in outflows so far this month. This shows that big investors are stepping back, signaling weak institutional demand.
What’s Next for Bitcoin Price?
After touching a record high above $126,000 earlier this year, Bitcoin has faced a strong correction and is now hovering near the key $98,000 mark.
The Relative Strength Index (RSI) has dropped to around 33 , signaling that Bitcoin is entering the oversold zone, a sign of steady accumulation despite the dip. If Bitcoin can stay above $98,000, analysts believe a short-term rebound toward $107,000 could follow.
However, if it slips below this crucial level, the market might see a deeper pullback, possibly heading toward $90,000.
