Weak institutional demand pushes Bitcoin under $87 000 amid liquidations
On November 20, Bitcoin fell below $87,000 amid a new wave of liquidations and a renewed but modest ETF inflow.
According to CryptoQuant’s latest weekly report, market conditions have become the “most bearish” in the current Bitcoin bull cycle, which began in January 2023.
CryptoQuant’s Bull Market Rating Index dropped to an extremely bearish 20/100, while BTC’s price fell well below the 365-day moving average of $102,000 — a key technical level and the final bearish signal that marked the start of the 2022 bear market.
The price decline comes amid weakening institutional demand, including reduced Bitcoin purchases from treasury companies such as Michael Saylor’s Strategy, along with limited inflows into exchange-traded funds (ETFs).
Although Strategy added 8,178 BTC worth $835 million to its treasury last week — its largest purchase since July — the inflow is clearly insufficient to offset selling by other companies and institutional investors.
“Treasury companies have almost stopped buying, and some have even sold part of their holdings,” noted CryptoQuant’s Head of Research Julio Moreno.
Small sprouts of hope
On Thursday, for the first time in many days, Bitcoin ETFs saw an inflow of 1,840 BTC driven by purchases from the IBIT and Grayscale Bitcoin Mini Trust. But this is still far from enough, as year-to-date ETF inflows have dropped to $27.4 billion — about 30% below last year’s $41.7 billion, according to CoinShares.
Bitcoin 4-hour chart. Source: TradingView
In addition, Bitcoin’s drop below $86,700 at the time of writing triggered another wave of long liquidations: $383 million in 24 hours for Bitcoin alone, and $845 million across the broader market.
The current downward trend may align with Bitcoin’s four-year cycle, repeating previous four-year phases such as 2014–2017 and 2018–2021, CryptoQuant notes, adding that the current cycle (2022–2025) is approaching its end based on this pattern. Analysts therefore debate whether there is still a foundation for a continued bull market.
As the CryptoQuant report cited by Cointelegraph notes, even during bear markets, prices can rise 40–50% over several months. However, now that Bitcoin is below its 365-day moving average, this level — $102,600 — becomes a strong area of price resistance.
As we wrote, Bitcoin price prediction: BTC recovers 5% as Nvidia earnings spark fragile market optimism
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