Bitcoin has fallen below $75,000 as continued withdrawals from U.S. spot exchange-traded funds, heavy leveraged liquidations and renewed geopolitical concerns put pressure on cryptocurrency prices ahead of Tuesday’s U.S. inflation report.
Summary
- Bitcoin price fell below $75,000 as institutional ETF withdrawals and leveraged liquidations pressured cryptocurrency market prices.
- U.S. spot Bitcoin ETFs recorded $1.28 billion in net withdrawals during November’s first trading week.
- BlackRock’s IBIT accounted for approximately $1.21 billion in withdrawals across five trading sessions last week.
- Cryptocurrency liquidations exceeded $1 billion during Sunday’s volatility, with leveraged long positions suffering most heavily.
- Traders await Tuesday’s U.S. inflation report as Bitcoin tests support near its recent trading lows.
According to crypto.news price data, Bitcoin traded near $74,500 on November 9, down roughly 2% over 24 hours after recovering from Sunday’s drop toward $73,700. The cryptocurrency has struggled to maintain its recent rebounds, with sellers returning whenever prices approach nearby resistance levels.
The latest decline followed a difficult week for institutional Bitcoin funds, while forced selling in futures markets added to volatility. Ethereum fell below $2,100 during Sunday’s trading before recovering above $2,130, leaving both major cryptocurrencies under pressure.
Bitcoin ETF outflows reach $1.28 billion as BlackRock leads selling
Institutional fund flows remained negative throughout most of last week, limiting Bitcoin’s ability to recover after its recent losses.
Data from Farside Investors showed that U.S. spot Bitcoin ETFs recorded nearly $1.28 billion in net outflows between November 2 and November 6. BlackRock’s iShares Bitcoin Trust accounted for roughly $1.21 billion in withdrawals during the five trading sessions.
Friday brought another $411.9 million in net withdrawals, with IBIT losing $403 million. Fidelity’s FBTC attracted $42.8 million that day, although inflows into individual funds were insufficient to offset withdrawals elsewhere.
The week included a brief recovery on Wednesday, when Bitcoin ETFs attracted $74.6 million. However, subsequent selling erased that improvement, with Thursday recording $430.2 million in net withdrawals.
The persistence of the withdrawals has become a concern for traders watching institutional demand. ETF redemptions can result in Bitcoin being sold through fund settlement arrangements, although daily outflow figures do not establish the precise timing of underlying market transactions.
A November 7 crypto.news Bitcoin market assessment had identified the $75,000 region as an important level while fund withdrawals continued.
Crypto liquidations exceed $1 billion as Bitcoin falls
The decline accelerated when leveraged traders began losing positions during Sunday’s market volatility.
CoinGlass liquidation data cited during the sell-off showed more than $1 billion in cryptocurrency positions closed over a 24-hour period. Long positions, which benefit when prices rise, accounted for approximately $931 million of the total.
Ethereum recorded around $455 million in liquidations, compared with approximately $278 million for Bitcoin. The largest reported single liquidation involved an ETH position worth roughly $48 million.
Liquidations occur when leveraged positions no longer have sufficient collateral to meet exchange requirements. Exchanges then close those positions, potentially adding to selling pressure when multiple traders face losses simultaneously.
The latest selling followed another difficult session last week, when Bitcoin ETF withdrawals coincided with substantial selling across cryptocurrency futures.
Bitcoin’s price fell to around $73,761 late Sunday before buyers pushed it back above $75,000. However, the recovery failed to hold, leaving BTC trading below that level again on Monday.
Iran tensions add to Bitcoin market uncertainty
Geopolitical developments contributed to nervous trading as investors assessed stalled negotiations between Washington and Tehran.
U.S. Secretary of State Marco Rubio described Iranian demands as “outrageous” and said negotiations had made little progress. The remarks followed renewed uncertainty surrounding the conflict and its effect on energy supplies.
The continuing tensions have raised concerns over oil prices and inflation, particularly as disruptions to shipping and energy exports remain unresolved.
Bitcoin price has traded alongside other risk-sensitive assets during recent periods of market stress. However, the available price movements do not establish how much of Sunday’s decline resulted directly from developments involving Iran.
Investors are now awaiting the October U.S. Consumer Price Index report, scheduled for November 10 at 8:30 a.m. Eastern Time, according to the Bureau of Labor Statistics.
Bitcoin price faces resistance near $75,600
Technical indicators continue to show weak momentum after Bitcoin’s recent sequence of lower highs and lower lows.
The daily Relative Strength Index stood near 34.56, below its moving average of 39.03 and approaching the oversold threshold of 30. Its position indicates that buying momentum remains limited, although the indicator has not entered oversold territory.
Meanwhile, the MACD line at -1,733.10 remained below its signal line at -1,336.35, producing a negative histogram reading of -396.75.
Crypto analyst Ali Martinez pointed to Bitcoin holding its 200-day simple moving average during the recent decline, suggesting that a rebound could follow.
A separate assessment from More Crypto Online identified the 50-week moving average as resistance, with another level near $78,186.
The immediate trading range places resistance around $75,600, while the recent swing low near $73,692 remains an area traders are monitoring. More Crypto Online identified a lower support region between $71,252 and $67,868 if the correction continues.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
