By skyforbes 
This morning (18th), the cryptocurrency market once again faced pressure. Bitcoin’s price lost the $92,000 level, and Ethereum also briefly dipped below $3,000, marking the first time in over four months it has entered the “2,000s.” On the technical side, BTC and ETH broke through support levels at $92,000 and $3,000, respectively, triggering a chain of leveraged liquidations. According to Coinglass data, long positions were forcibly liquidated for a total of $535 million within 24 hours, with overall liquidations amounting to $818 million, and the market remains in a state of extreme panic.
In the US stock market, with Nvidia’s earnings report set to be released soon, a wait-and-see atmosphere prevails, and weakness in tech stocks dragged down the three major indices, all closing in the red.
Breaking Below 92K, Where Is Bitcoin’s Next Support Level?
Last week, we analyzed that Bitcoin’s short-term target price was around 92K, and now the price has broken through the stage support, indicating continued weakness on the long side. From the weekly chart, if Bitcoin fails to stabilize above $90,000, the next support range to watch is between $86,000 and $89,000. Technically speaking, if the price breaks this support again, the entire crypto market may officially enter a bear market.
However, if the macroeconomic environment improves, such as a Fed rate cut in December, institutional funds could drive the market again.
In the medium to long term, multiple research institutions estimate that Bitcoin could challenge $170,000 in 2026, but the current trend seems bearish, so investors must carefully assess risks.
Total Network Liquidations of $818 Million in the Past 24 Hours
According to Coinglass data, long positions were forcibly liquidated for a total of $535 million in the past 24 hours, with Bitcoin leading at $412 million, followed by Ethereum at $148 million. Overall liquidations reached $818 million, and the market remains in a state of extreme panic.
US Stock Market’s Three Major Indices All Fall, with a Strong Wait-and-See Atmosphere
In the US stock market, Nvidia’s earnings report is scheduled to be released after the close on November 19 US time (November 20 Beijing time), creating a strong wait-and-see atmosphere. The overall market was dragged down by weakness in tech stocks, leading to declines in the three major indices.
Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.