Bitcoin tests the $95k HODL wall after cascade knocks out $655M from bulls

Bitcoin experienced a significant drop, falling below $100,000 to a low of $98,550, which triggered $655 million in long liquidations over 24 hours amid $278 million in net outflows from spot ETFs on November 12th. This sharp decline pushed the price close to the $95,000 HODLers Wall, a critical on-chain support level where approximately 65% of invested USD in Bitcoin is held above this price point. The current structure resembles the late 2021 topping zone, characterized by dense holding patterns between $95k–$115k, trapping recent buyers who entered during the US election rally. The recent cascade exposed thin support between $106k and $118k as leveraged longs unwound, but the selling pressure appears to be classic capitulation from short-term holders (STHs) rather than a broad exit by long-term holders (LTHs). If Bitcoin cleanly breaks below $95,000, the next support levels are projected to be around $85,000 and the True Market Mean at $82,000. Unlike the 2022 crash, the potential fall from the wall to the mean is shorter, suggesting a less severe bear market if the LTHs maintain their positions.

(Source：CryptoSlate)