Real suffered a 2-1 league loss at Valencia on Sunday - halting their 22-match winning streak, two short of equalling a world record - before going down 2-0 to city rivals Atletico in the first leg of their Copa del Rey last-16 tie on Wednesday.
Despite that breathtaking run prior to the turn of the year, some pundits have been quick to look for signs of panic amid their poor start to 2015, but Ancelotti scoffed at those suggestions.
"That’s a bit much [to say the club is in crisis]," he is quoted as saying by SportYou. "We are not happy with these two games. We have to pick up a win again soon.
"We've got Espanyol on Saturday and then we play the second leg [against Atleti].
"We have a chance, but not much. Atletico have the advantage and we have to give our all."
Raul Garcia opened the scoring from the spot after being hauled down by Real captain Sergio Ramos in the box, before Jose Gimenez headed a second 14 minutes from time.
"We controlled the match until the penalty," Real coach Ancelotti added. "In the latter stages of the match we did not do well.
"In the first half, with more control, we needed more efficiency and depth.
"Furthermore, Atletico defend very well, always together."
The return leg takes place next Thursday at the Santiago Bernabeu.
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