BitUnix analyst: Bitcoin plummets to 96000, market enters a new stage of bear market, key defense line reaches 93000 According to BlockBeats, on November 14th, the cryptocurrency market experienced a new round of selling, with Bitcoin falling below the psychological threshold of $100000 and hitting a new low of $96600 since May. With the sharp decline of the technology sector in the US stock market and the resurgence of risk aversion, large funds and ETF allocation funds that previously supported the market have withdrawn synchronously with corporate buying, and the market structure has quickly turned fragile. 10x Research confirms that the market has entered a bear market phase and points out that the current main reasons are the weakening of ETF fund flows, accelerated reduction of holdings by long-term holders, and low participation of retail investors. From the perspective of market structure, BTC is accelerating its backtesting of the lower liquidity zone after falling below the monthly central axis of $100266. The short-term support level is in the range of $93000 to $95000. If it falls below, the next liquidity gap may move down to around $89600; The upward rebound pressure is located at $100, $200, and $107300 respectively. Market liquidity is moving along a downward slope, and there is no short-term signal to stop the decline. BitUnix analysts believe that this pullback is accompanied by rapid leverage clearance, institutional exit, and narrative cooling, and belongs to structural repricing rather than pure technical correction. The bear market sentiment has strengthened in the fundamentals and derivatives markets, and funds will prioritize seeking a safe range of liquidity. If the $93000 defense line is confirmed to be held, the market may enter a bottoming period; On the contrary, we need to be vigilant about the risk of falling into deeper liquidity areas.