Key Takeaways
Where is Bitcoin trading now?
BTC broke decisively below $90,000 on 20 November, hugging the lower Bollinger Band and testing the S3 pivot zone in the mid-$80K region.
What does the CMF indicator show?
The Chaikin Money Flow is currently at -0.15, indicating persistent distribution rather than accumulation, with no bullish divergence yet forming.
Bitcoin printed a strong red candle on the daily chart, pushing decisively below the $90,000 psychological level and hugging the lower Bollinger Band.
The 20-day Bollinger midline sits just above $100,000, now marking major resistance. The upper band near $113K sits far above spot price, underscoring how dramatically Bitcoin has fallen in a short span.
Band width has expanded sharply, which typically accompanies trend acceleration phases rather than calm consolidation. As long as BTC continues to close near or below the lower band, sellers remain in control, and volatility works against bulls.
Pivot points and fib levels flag next downside zones
Bitcoin is currently testing the S3 pivot area in the mid-$80,000 region, aligning with today’s daily low.
If this zone fails to hold on a closing basis, the chart opens deeper support around $80K-$82K, where previous demand and Fibonacci confluence converge.
Below that level, an extended 1.618 downside projection in the low-$70K region becomes the next major capitulation target if selling accelerates further.
Source: TradingView
On the upside, the first sign that bears are losing control would require a clean reclaim of $90K to move back inside the prior range, followed by the Bollinger midline near $100K, which also coincides with key Fib resistance.
Until BTC recovers at least the mid-$90,000 area, rallies appear to be bounces within a broader downtrend.
CMF shows persistent outflows, not quiet accumulation
The Chaikin Money Flow indicator is currently at -0.15, firmly in negative territory. Readings below -0.05 typically signal distribution rather than accumulation.
The indicator shows no clear bullish divergence between CMF and price yet, indicating that flows continue to deteriorate as price falls.
This supports the view that real selling and de-risking drive this drop, not just a quick stop-run or technical shakeout.
Bitcoin long squeeze confirmed by liquidation data
Coinglass liquidation data backs up what the spot chart suggests. For 20 November, long positions lost approximately $366 million while shorts gave up just $26 million.
Most of the damage hit high-leverage venues. Bybit and Hyperliquid each recorded over $90 million in long liquidations. Binance also posted tens of millions in forced long closures.
Source: Coinglass
This profile shows that over-leveraged bulls are being forced out rather than shorts suddenly piling in.
As long as open interest remains elevated and the price hovers near support, the market remains vulnerable to another decline if BTC cannot reclaim resistance levels.
How much lower can BTC go from here?
The market sits at a key decision zone. Immediate support holds at mid-$80K [current S3 pivot]. Deeper support and demand converge around $ 80,000-$82,000. The capitulation extension targets the low-$70K region based on 1.618 Fib projections.
A decisive daily close back above $90K, ideally followed by CMF pushing back toward neutral, would signal that downside momentum is fading.
Until then, the combination of price pinned to the lower Bollinger Band, negative CMF readings, and heavy long liquidations suggests traders should treat BTC as being in an active downside phase.
The $80K area becomes the next critical level to watch if today’s support gives way.
Source: https://ambcrypto.com/bitcoin-breaks-below-90k-as-volatility-expands/
