Bitcoin (BTC) once again experienced a sharp decline, dropping below US$98,000 on Friday morning (Nov 14, 2025). This marks the third time this psychological threshold has been breached within the month.

According to CoinMarketCap data, BTC plunged more than 2% from the US$104,000 range and hit its daily low below US$98,000 before slightly rebounding to around US$99,300 at the time of writing.

Although the price weakened, daily trading volume actually jumped 56% to US$104.4 billion, while Bitcoin’s market capitalization fell to US$1.98 trillion.

Other cryptocurrencies followed the downturn. Ethereum (ETH) slid up to 6% to US$3,200, while XRP (XRP) and BNB (BNB) each dropped 3%. Solana (SOL) also declined roughly 5%.

Overall, the crypto market capitalization decreased 3% to US$3.34 trillion.

Liquidity Pressure Intensifies

The price drop triggered a large wave of liquidations in the derivatives market, with total liquidations hitting US$753 million over the past 24 hours. Long positions took the biggest hit with US$601 million wiped out, indicating that many traders betting on rising prices were forced out.

Bitcoin and Ethereum recorded the highest liquidation totals.

On-chain data also revealed additional pressure. Long-term holders reportedly sold more than 815,000 BTC in the past 30 days, increasing the likelihood of price movement toward lower liquidity zones.

Bitcoin liquidity maps show a significant liquidity cluster between US$98,000 and US$100,000. Trader Daan Crypto noted that this area sits just below a sequence of higher lows, making it highly vulnerable to being swept if selling pressure intensifies.

He also highlighted key resistance levels at US$108.000 and US$112.000, though US$108,000 is viewed as the most relevant at the moment.

“Unless price breaks above US$107,000 or below US$98,000, I think it will continue moving sideways for a while,” he explained in a post on X.

Meanwhile, futures trader Byzantine General added that the current price structure indicates BTC may “sweep liquidity” around US$98,000 before finding a new direction.

CoinGlass data supports this view. Nearly US$1.3 billion in long liquidity is now concentrated at the US$98,000 level, a sharp increase from earlier in the week. Previously, many traders targeted upper liquidity areas around US$110,000 after BTC slipped below US$100,000 last week.

Macro Sentiment Adds More Weight

From a macroeconomic perspective, Coin Bureau analyst Nic Puckrin believes BTC’s price pressure is also affected by uncertainty in the U.S. economy. The October inflation report was delayed due to the government shutdown, halting federal data flow and sharply reducing expectations for a December rate cut.

“The shutdown creates a gap in federal data, so it’s no surprise the odds of a rate cut plummeted,” Puckrin said, as quoted by The Block.

He added that ahead of one of the most crucial FOMC meetings of the year, capital flows will likely shift toward defensive assets, potentially pressuring risk assets such as Bitcoin.

Bitcoin has now tested the US$102,000–US$100,000 support zone four times since May 2025. Repeated retests usually signal weakening market structure, as each touch diminishes buying interest, reduces bid liquidity, and increases the risk of a breakdown.

Given the current technical and macro backdrop, many analysts agree that a move toward the US$98,000 area remains the most likely scenario if volatility rises in the coming days.