On March 13, 2025 the Bitcoin market experienced a sudden correction when the price slipped below the $91,000 mark. Real-time monitoring showed BTC trading at $90,915 on the Binance USDT perpetual futures market, and trading volumes jumped by approximately 18% in the hour following the break. This move followed a period of consolidation and prompted traders to reassess short-term momentum.
Bitcoin Price Drops Below $91,000
The breach of the $91,000 level marked a notable intraday shift in sentiment, as round-number levels often trigger automated orders and psychological reactions among traders. Market data registered a clear one-hour surge in sell-side pressure, consistent with a rapid unwind of leveraged positions. For context on nearby moves earlier this month, see the coverage of the drop below $92,000 and the report on the drop below $90,000.
Technical Indicators and Market Analysis
Several technical signals warned of stretched conditions before the fall. The Relative Strength Index (RSI) on the 4-hour chart had been in overbought territory above 70 for several days, while the Moving Average Convergence Divergence (MACD) produced a bearish crossover. On-chain metrics also pointed to increased flows to exchanges, a sign that some holders were preparing to sell.
Broader Market Context
Macro factors contributed to the backdrop in which the drop occurred. Comments from the Federal Reserve about interest rate policy affected risk sentiment across asset classes, and a stronger US Dollar Index (DXY) added pressure on dollar-denominated crypto assets. At the same time, discussions around spot Bitcoin ETF flows and regulatory developments remained part of the market narrative and influenced participant behaviour.
Expert Insights on Market Dynamics
Market strategist David Carlson highlighted structural fragility in the price region around $91,000, noting, "Liquidity near the $91,000 level was relatively thin." He also pointed out that the funding rate for perpetual swaps was positive and elevated prior to the drop, a setup that can provoke a forced unwind of long positions. In leveraged markets, such dynamics often accelerate moves once clustered stop-losses are triggered.
Market Sentiment and Outlook
Derivatives activity after the break showed increased interest in downside protection, with heightened put option volumes at the $89,000 and $85,000 strike prices. The futures ecosystem also reflected deleveraging: aggregate open interest declined by $1.2 billion, indicating a broad reduction in leveraged exposure. Analysts are watching technical support zones, including the $89,500 area and the short-term holder realized price near $88,500, as key levels that could indicate whether selling has been absorbed.
Why this matters
For miners, price drops change immediate fiat revenues if you sell mined coins or convert proceeds to local currency. A lower Bitcoin price reduces the ruble proceeds from any BTC you sell, so short-term cash-flow planning becomes more important during volatile spells. At the same time, quick liquidations in thin markets can move prices more than expected, which matters if you hedge or use derivatives.
What to do?
- Monitor exchange spot prices and the Binance USDT perpetual futures market for real-time reference before selling mined coins.
- Check funding rates and open interest if you use or consider derivatives; elevated funding can signal crowded positions and higher squeeze risk.
- Stagger sales or use dollar-cost averaging to avoid selling large amounts into a short-lived liquidity gap.
- Keep a short-term cash buffer to cover power and operating costs instead of relying on immediate coin sales during sharp drops.
- Follow on-chain flows and key support levels like the short-term holder realized price near $88,500 to inform exit or hold decisions.
FAQ
Why did Bitcoin fall below $91,000? The decline was driven by a mix of technical selling after overbought signals, a shift in macro sentiment, and the triggering of leveraged long positions in derivatives markets, which together amplified downside pressure.
Is this a major crash for Bitcoin? This move represents a sharp correction within normal market volatility rather than a multi-week crash; historically, much larger percentage drops define major crashes.
What are the next key support levels? Traders and analysts are watching the $89,500 zone and the short-term holder realized price near $88,500 as important support areas that could indicate whether the market stabilizes.
How do ETFs and institutional flows factor in? ETF creation and redemption flows, along with institutional trading, can add systematic buying or selling pressure; their net impact depends on daily flow direction and scale.
Should miners change operations now? Miners should avoid knee-jerk decisions; instead, assess short-term cash needs, manage power costs, and consider staggering coin sales to reduce selling into illiquid moments.
