Bitcoin (BTC) briefly slipped to $93,000 over the weekend, as the market remains fragile. A modest rebound has done little to ease concerns.
As traders scramble for hope, fresh data suggests that today’s breakdown confirms real bearish pressure.
EMA50 Breakdown
Crypto analyst Doctor Profit, in his latest tweet, said Bitcoin has entered a clearly bearish phase after breaking below the weekly EMA50, a level he calls the “golden line” and one of the most important indicators for determining whether BTC is in a bull or bear market.
He explained that throughout the entire 2024 cycle, Bitcoin consistently closed weekly candles above this level and bounced each time it touched it. Because the EMA50 held for so long, he says this line played a central role in confirming the bull market structure. Now that Bitcoin has dropped below it, the bearish sentiment is confirmed.
Many bullish traders argue that the death cross is a positive sign because previous ones in September 2023, August 2024, and April 2025 were followed by strong rallies of 25% to 60% in the months that followed. In all three previous cases, however, Bitcoin was trading well above the EMA50 at the moment of the death cross. In April 2025, BTC was 12% above the golden line, and in August 2024, it was 17% above. Each time, Bitcoin respected the EMA50 and bounced, confirming that those death crosses were fake bearish signals.
The situation today, however, is completely different. This time, the death cross happened while Bitcoin was trading 6% below the EMA50, and the golden line already failed to hold as support. Based on this, the analyst calls the latest event a “true death cross.”
Doctor Profit also challenged the belief that extreme fear in the market automatically represents a bottom. He pointed to the 2021 example, when the Fear and Greed Index hit extreme levels as Bitcoin dropped from $68,000 to the $50,000 range, yet the price continued falling until it reached the $16,000-$18,000 region.
He added that the current environment is more dangerous than previous corrections. In earlier phases of 2024 and 2025, ETFs were selling while whales accumulated, which created a balanced structure. This time, both ETFs and whales show negative volume, which adds to the bearish pressure. On top of that, the average Bitcoin buyer from the last six months has an entry of around $94,600. A move toward or below that level could trigger more selling, as short-term traders tend to sell at breakeven or a slight loss.
Structural and Mechanical Downturn
At the same time, a separate analysis from the Kobeissi Letter points to a deeper change behind Bitcoin’s downturn. The report said that the leading crypto asset’s 25% slide since October is a “structural and mechanical” bear phase driven by institutional outflows that began in late October.
Crypto funds saw a record $1.2 billion in net outflows in early November, while high leverage across the market turned routine volatility into sharp price swings. Therefore, with multiple trading days seeing over $1 billion in liquidations and sentiment collapsing to its lowest level since February, the analysts argued that leverage is amplifying the decline and not fundamentals.
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