Bitcoin is having a rough November. The crypto king slipped below $93,000 for the first time since April and is now down more than 25 percent from its October peak. November is usually bitcoin’s best month with an average return of 42.5 percent, but this one has turned into “Painvember” as the Fear and Greed Index falls to 14.

ETF flows are adding to the pressure. Bitcoin funds saw $1.1 billion in outflows last week, pushing November’s total to $2.3 billion. That puts the month on track to beat February’s record withdrawals. Analysts say short-term holders are deep in the red and many are capitulating. One research firm noted that realized losses in this group look similar to past panic points.

Traders are watching key levels. A break above $98,000 with strong volume would signal a real reversal, but weak buying could send prices back toward the $88,000 to $92,000 range. Some chart watchers are even pointing to $84,000 as the next Fibonacci target.

Despite the sell-off, long-time bulls are doubling down. Michael Saylor’s company Strategy just bought more than 8,000 bitcoin, its biggest purchase since July. Others argue that outflows this large often show up near major bottoms.

For now, macro worries, hedge fund de-risking, and simple profit taking are keeping bitcoin under pressure. But with sentiment this negative, many analysts think the next big move may not be far away.