Bitcoin fell below USD 70,000 on November 13, trading at USD 69,132.95 at the time of reporting after losing 5.81% in 24 hours. The decline exceeded the broader cryptocurrency market’s 4.59% drop as inflation concerns, continued exchange-traded fund withdrawals and leveraged selling weighed on prices.
The latest slide followed Bitcoin’s break below USD 72,000 on Thursday. With the cryptocurrency trading near its lowest level since August, attention turned to US interest rates, institutional demand and the support levels beneath USD 69,000.
US Inflation Raises Concerns About Interest Rates
The US Bureau of Labor Statistics reported on November 10 that consumer prices rose 0.4% in October, following a 0.6% increase in September. Core prices, excluding food and energy, rose 0.3%, while food prices increased 0.5%.
Shelter costs rose 0.3%, accounting for more than 30% of the overall monthly increase. The October reading exceeded market expectations, renewing concern that the Federal Reserve could raise interest rates again in December.
Higher borrowing costs can reduce demand for riskier investments. Bitcoin came under pressure alongside other cryptocurrencies as investors assessed the inflation figures and the outlook for US monetary policy. The latest decline also followed weakness in technology stocks, adding to the pressure already affecting digital assets.
Bitcoin ETF Outflows Continue for Another Session
US spot Bitcoin ETFs recorded roughly USD 1.44 billion in net withdrawals over the five trading sessions through November 11. Farside Investors recorded a USD 299.8 million outflow on November 11, including USD 269.7 million from BlackRock’s iShares Bitcoin Trust.
Funds also lost USD 201 million on November 9 and USD 95 million on November 10. Preliminary November 12 figures showed another USD 47.7 million in net withdrawals. However, the figures did not yet include flow reports for BlackRock and Fidelity, meaning the daily total could change. The withdrawals followed the five-session Bitcoin ETF selling streak reported Thursday, as the funds struggled to attract fresh capital.
Long Liquidations Add to Selling Pressure
Leveraged traders also suffered losses as Bitcoin broke below USD 70,000. CoinMarketCap figures showed USD 732.14 million in Bitcoin liquidations over a 24-hour period, with forced closures of long positions contributing to the decline. Such positions close automatically when prices move far enough against traders who borrowed funds.
Market liquidity had weakened before the latest selloff. Trading platform Talos found that Bitcoin order-book depth across selected exchanges fell to USD 72 million on November 9, approximately 33% below its normal level. Average order-book depth since election day stood at USD 97 million, compared with a normal USD 108 million. The firm also reported elevated leverage in futures markets. Talos said stablecoin supply contracted by USD 2.15 billion over the week, reducing available liquidity across cryptocurrency markets.
“Liquidity remains thin while leverage stays elevated, leaving the market vulnerable to sharp moves in either direction,” Talos said in its November 12 report. Reduced order-book depth means large trades can move prices further when buyers are scarce.
Bitcoin Price Approaches Key Support Levels
Bitcoin traded near a short-term reference level of USD 68,897 following the latest fall. Holding around USD 68,900 would leave room for a recovery toward USD 69,990, while another sustained move below USD 67,653 would mark a further deterioration in the near-term price structure.
The cryptocurrency also approached its 200-week simple moving average, near USD 68,000, a level tracked by longer-term market participants. Bitcoin had already lost the 20-week and 50-week moving averages by November 12, following warnings about persistent leverage. Friday’s US producer inflation report and subsequent ETF flow figures will offer further data on inflation and fund demand. Bitcoin’s weekly close remains unsettled.
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