Bitcoin fell to $62,112 during Asian trading on Sunday, its weakest level since July 14, as a wave of leveraged long positions was wiped out.
A break below key support
The largest digital asset sank 5.7% in the US on Nov. 14 and slipped a further 3.6% in Asia the following day.
The selling picked up after bitcoin broke below its 200-day moving average near $73,000, and it has also fallen under its 200-week moving average, which stood near $67,992 on Nov. 14.
Rich Rosenblum, co-founder of crypto market maker GSR, said:
“I think this is a technical move, as Bitcoin broke down through its 200-day moving average of about US$73,000, which has caused a slew of liquidations and new shorts to develop.”
“I think this is a technical move, as Bitcoin broke down through its 200-day moving average of about US$73,000, which has caused a slew of liquidations and new shorts to develop.”
In the 24 hours through 7 a.m. Sunday in Singapore, exchanges tracked by Coinglass recorded about $2 billion in crypto liquidations, including $774 million in bitcoin.
Bitcoin has now slumped about 25% since Oct. 21, while its 2026 low of $57,742 was set on July 1.
ETF outflows and rising yields
US-listed spot bitcoin ETFs saw almost $3 billion in net outflows from Oct. 30 through Nov. 13.
On Friday alone, the funds shed $185.4 million, including $143.5 million from BlackRock’s iShares Bitcoin Trust and $41.9 million from Fidelity’s Wise Origin Bitcoin Fund, according to Farside Investors.
At the same time, the yield on 10-year US Treasuries has climbed above 5% as persistent inflation fueled expectations of tighter Federal Reserve policy.
Ayesha Kiani, chief operating officer at Monarq Asset Management, said:
“The near-term direction will largely depend on whether institutional demand stabilizes and macro conditions provide room for risk appetite to recover. Until then, rallies are likely to remain fragile and volatility elevated.”
“The near-term direction will largely depend on whether institutional demand stabilizes and macro conditions provide room for risk appetite to recover. Until then, rallies are likely to remain fragile and volatility elevated.”
Competition for capital
Some market participants also pointed to Anthropic’s upcoming IPO as a drain on crypto liquidity.
Richard Galvin, executive chairman at crypto investment firm DACM, said:
“It appears crypto remains a short-term funding source, particularly for retail investors. This is in addition to all the other macro headwinds.”
“It appears crypto remains a short-term funding source, particularly for retail investors. This is in addition to all the other macro headwinds.”
Ryan Watkins, co-founder of Syncracy Capital, described the broader backdrop:
“We’re in a risk-off environment across all financial markets. Interest rates keep rising with the war still pressuring inflation.”
“We’re in a risk-off environment across all financial markets. Interest rates keep rising with the war still pressuring inflation.”
