Bitcoin price hovers near $93k, risks further correction

• Bitcoin price outlook after BTC breaks below the 50-week moving average.
• While it’s a buy opportunity, bulls risk seeing another pullback and a revisit of sub-$90k levels.
• A flip of $95,000 into key support could allow for bullish retests of highs above $104,504.

Bitcoin’s price hovers near $94,900 after its latest plunge allowed bears to break below a longstanding technical support.

While analysts remain largely bullish, the dip has ignited widespread selling pressure, with the flagship digital asset at risk of further correction.

Notably, the dip continues to offer whales an opportunity to scoop BTC on the cheap.

Michael Saylor’s Strategy announced a fresh acquisition of 8,178 BTC for $835.6 million, with the haul bringing the company’s total holdings to 649,870 BTC acquired for $48.37 billion.

Strategy has acquired 8,178 BTC for ~$835.6 million at ~$102,171 per bitcoin and has achieved BTC Yield of 27.8% YTD 2025. As of 11/16/2025, we hodl 649,870 $BTC acquired for ~$48.37 billion at ~$74,433 per bitcoin. $MSTR $STRC $STRD $STRE $STRF $STRK https://t.co/HI1TeYOvQ9

— Michael Saylor (@saylor) November 17, 2025

Yet, institutional inflows continue hitting the brakes, and macroeconomic jitters persist.

The key question, therefore, is whether the latest dip offers bulls an opportunity for a reset or signals the onset of a deeper decline.

Bitcoin price tests $92k low amid technical breakdown

Bitcoin (BTC) has broken down from the 50-week EMA (currently at $100,506).

This moving average, calculated as an exponential average of weekly closing prices over the past 50 weeks, has historically acted as a reliable floor for BTC.

The breakdown means Bitcoin risks printing a weekly close below the 50-EMA on the weekly chart for the first time since September 2023.

Billions of dollars in leveraged liquidations this past week and consecutive weekly outflows from spot Bitcoin exchange-traded funds (ETFs) helped bears strengthen the assault on $100,000.

As of writing, BTC price probed the $92,000–$95,000 zone, an area bulls must hold to prevent fresh declines.

The benchmark digital asset changed hands for around $93,509.

What’s next for the BTC price?

With the 50-week EMA now repurposed as overhead resistance, Bitcoin’s outlook hinges on the integrity of a multi-year ascending trendline. The support has held since 2023.

What do analysts say about the price action?

“BTC’s 27% slide from ATHs erased nearly all 2025 gains, with a weekly close below $100k and the 50W MA breach confirming a cautious tone,” QCP analysts noted.

Bitcoin price now risks breaking below the trendline support.

Weekly RSI and MACD show weakness, with RSI at 40 and downsloping and MACD having the histogram strengthening in negative territory after a bearish crossover.

The RSI on the daily time frame also shows the price is not in oversold territory yet.

While it means bulls could see a sharp reversal, it does leave room for bears.

In this case, BTC could face major weakness and allow for a potential revisit of lows around $90,000-$85,000.

The next buffer could be around the $78,000-$71,000 region.

However, a bullish pivot could materialise if sellers exhaust near the trendline.

Notably, Bitcoin’s short-term holder supply in loss has hit levels last seen in 2022 during the FTX crash.

But analysts say this could be a buying opportunity.

JUST IN: #Bitcoin STH Supply in Loss metric hits highest level since the FTX crash

Buying opportunity 🔥 pic.twitter.com/VYMQGCI18B

— Bitcoin Archive (@BitcoinArchive) November 17, 2025

A reclaim of $95,000 as nascent support, with moves such as those of Saylor’s Strategy, could unlock retests of recent highs above the 50 EMA.

The first key hurdle above this mark could be around $104,504. Bullish catalysts will include fresh exchange-traded funds inflows, Fed rate cut and dovish rhetoric, among others.