Summary

  • Bitcoin closed weekly trading below its 50-week moving average for the first time in eight weeks.
  • Over the past 24 hours, total crypto long liquidations reached $1.04 billion, with Bitcoin and Ether posting the largest liquidation amounts.
  • US spot Bitcoin ETFs saw $1.28 billion in net outflows last week, pushing year-to-date net flows to negative $914.1 million.

Forecast Trend Report by Period

Bitcoin closed weekly trading below its 50-week moving average for the first time in eight weeks. Across the broader crypto market, more than $1 billion in long positions were liquidated over the past 24 hours.

The Block reported on Nov. 9 that after closing below the 50-week moving average a day earlier, Bitcoin fell below $74,000 at one point during intraday trading on Nov. 9.

CoinGlass data showed total crypto liquidations reached about $1.15 billion over the past 24 hours. Of that, $1.04 billion came from long positions and $117 million from short positions. A total of 167,764 traders were liquidated.

By asset, Ether saw the largest liquidation total at more than $500 million, while Bitcoin recorded about $309 million. The single largest liquidation was a $48.2 million ETH-USDT long position on Binance.

Bitcoin had traded above its 50-week moving average for seven straight weeks after reclaiming the level on Sept. 20. It finished this week about 0.7% below that average, which stood at roughly $75,488.

Alex Thorn, head of research at Galaxy, said Bitcoin had previously reclaimed the 50-week moving average after a bear market before slipping back below it. In those earlier cases, however, the prior bear-market low held on a weekly closing basis.

US spot Bitcoin ETFs recorded net outflows of $1.28 billion last week, the largest weekly outflow since late June. Year-to-date net flows also turned negative at $914.1 million, while BlackRock's IBIT alone posted $403 million in outflows on Friday.

Thorn added that if Bitcoin regains the 50-week moving average within a month, the bullish technical outlook he presented last month would remain intact.

Minseung Kang