Bitcoin’s price has fallen to a three-month low near $62,000 on November 15 as continued withdrawals from US spot Bitcoin ETFs and heavy leveraged liquidations weigh on the cryptocurrency market.
Summary
- Bitcoin price dropped toward $62,000 on November 15, extending its weekly losses to nearly 15%.
- US spot Bitcoin ETFs recorded approximately $1.91 billion in withdrawals across seven consecutive trading sessions.
- Bitcoin liquidations approached $750 million, with long positions accounting for nearly 80% of the total.
- Crypto analyst Michaël van de Poppe described the selloff as unusually severe, citing stretched moving averages.
- Bitcoin price faces support near $62,000, while $65,600 and 68,000–70,000 remain important resistance levels.
According to crypto.news price data, Bitcoin was trading near $64,500, down approximately 4% over 24 hours, after touching a daily low around $62,080. The OG cryptocurrency has lost nearly 15% over seven days, extending its decline after falling below $70,000 on Friday.
Ethereum, XRP, and Solana recorded further losses as selling continued across major digital assets.
Bitcoin price decline follows $1.91 billion in ETF outflows
US spot Bitcoin ETFs recorded approximately $1.91 billion in net withdrawals over seven consecutive trading sessions between November 5 and November 13, according to Farside Investors.
On Friday, the funds lost another $185.4 million, including $143.5 million from BlackRock’s iShares Bitcoin Trust (IBIT) and $41.9 million from Fidelity’s Wise Origin Bitcoin Fund (FBTC). The withdrawals followed $284.1 million on Thursday and $299.8 million on Wednesday.
The continued selling followed an already difficult week for Bitcoin. As previously reported by crypto.news, institutional fund withdrawals had reached approximately $1.44 billion across five trading sessions through November 11, while Bitcoin struggled to recover its previous trading levels.
Inflation concerns have added to the pressure on risk assets. Consumer prices rose 0.4% in October, while core inflation increased 0.3%. The figures kept attention on the Federal Reserve’s interest-rate outlook, with traders concerned that borrowing costs could remain elevated.
Spot Bitcoin ETFs do not trade over the weekend. Their next daily flow figures will follow the US market session on Monday, November 16.
Bitcoin liquidations approach $750 million as traders close longs
Leveraged trading losses have accompanied the latest price decline. CoinGlass data showed approximately $1.96 billion in cryptocurrency liquidations during a rolling 24-hour period, with Bitcoin accounting for roughly $750 million.
Of the Bitcoin total, almost $600.5 million came from long positions, representing nearly 80% of liquidations. Short positions accounted for $152 million.
Long liquidations occur when traders betting on higher prices cannot maintain their required collateral. Exchanges automatically close those positions, which can add selling orders as prices decline.
The latest losses followed another round of widespread market liquidations on November 13, when Bitcoin first fell below $70,000 and leveraged crypto positions worth more than $1 billion were closed.
Analysts weigh Bitcoin recovery after unusual selloff
Crypto analyst Michaël van de Poppe described the latest correction as unusually severe, pointing to Bitcoin’s distance below its 21-day and 200-day moving averages.
In a November 15 post, he compared the recent three-day decline with rare market episodes, including the COVID crash and the collapse of FTX.
“It’s a super rare, leverage-flush-driven correction that we’re seeing here,” he wrote. Van de Poppe said he was buying Bitcoin at current levels, citing the scale of the decline.
Doctor Profit maintained his longer-term bullish position despite the downturn. The analyst said $57,000 remained his bear-market bottom, adding that sellers could claim victory only if Bitcoin broke below that level. He had previously identified $68,000 as a potential bottom on November 13.
Meanwhile, Daan Crypto Trades examined Bitcoin’s historical four-year cycle, noting that the cryptocurrency had never recorded two consecutive calendar years of losses. He said the cycle still offered a rough historical guide, although prices and timing no longer followed previous patterns precisely.
Bitcoin price prediction as $62,000 support comes into focus
Bitcoin has fallen below its 200-week moving average, which stood near $67,992 on November 14, according to a previous technical analysis. The cryptocurrency subsequently traded close to $62,000 before recovering above $64,000.
The daily chart placed Bitcoin’s relative strength index at 22.51, indicating oversold conditions. However, the moving average convergence divergence indicator remained negative, with a histogram reading of -1,182.17, showing that bearish momentum had not yet reversed.
Bitcoin’s immediate support stands near $62,000, with $60,000 and approximately $59,800 as the next downside levels if selling continues. On the upside, resistance sits around $65,600, followed by the 68,000–70,000 region.
A recovery above those resistance levels would improve the short-term price structure, while another move below Sunday’s low would put the $60,000 area back in focus.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
