Bitcoin price is under renewed selling pressure as institutional outflows and fading derivatives activity deepen its bearish momentum. The recent drop has taken BTC beneath a key technical level, sparking worries over whether buyers can avert a deeper correction.
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As of press time, Bitcoin (BTC) is changing hands at $68,893.42, a 3.59% decline on the daily chart. The drop coincides with sustained spot ETF outflows, shrinking open interest, and heightened liquidation activity, signalling mounting caution throughout the market.
Also Read: Bitcoin Price Signals Recovery as Dormant Whale Buys $228M
Why Is Bitcoin Price Under Heavy Selling Pressure?
Bitcoin’s recent slide reflects strain in both the spot and derivatives markets. According to SoSoValue data, US spot Bitcoin ETFs saw $284 million in net outflows on November 12, after withdrawals of $299.90 million on November 11 and $95 million on November 10.
These back-to-back outflows point to softening demand for Bitcoin exposure through regulated investment products. Cumulative net ETF inflows now total $54.82 billion, while total net assets have fallen to $89.56 billion.
The ongoing withdrawals are weighing on an already fragile market as investors rethink their exposure amid the correction.
Also Read: Bitcoin Price Forecast: Could BTC Surge 30% Following the FOMC?
What Does the TradingView Chart Show About Bitcoin Price?
According to TradingView, Bitcoin is trading beneath its 20-day Simple Moving Average (SMA) of $76,740.63 and the lower Bollinger Band at $70,498.80. The upper band sits at $82,982.46, underscoring how far the current price is from its recent trading range.
The Relative Strength Index (RSI) has dropped to 25.26, moving into oversold territory. This points to heavy selling pressure, though an oversold reading does not necessarily mean an immediate price rebound.
The daily low for Bitcoin at $67,568 is a key level worth watching. A lasting drop below this zone might leave BTC open to additional losses, whereas climbing back above $70,498 could offer the first sign that momentum is improving.
How Are Bitcoin Liquidations Shaping Market Sentiment?
Data from CoinGlass indicates that Bitcoin’s 90-day liquidation record contains multiple notable liquidation spikes, with considerable activity occurring in November.
Long liquidations take place when leveraged bullish positions are automatically closed once prices fall beneath the margin levels required. Such forced closures can heighten selling pressure and accelerate market downturns.
The chart also records short liquidations, which occur when leveraged bearish positions are forcibly closed as prices rise. The presence of both types of liquidation highlights the volatility affecting Bitcoin derivatives traders.
Also Read: Bitcoin Price Risks $76K as Ethereum Faces Drop Toward $2,000
What Is Causing Bitcoin Open Interest to Fall?
CoinGlass data likewise reveals a sizeable drop in Bitcoin open interest. This metric has fallen from above $60 billion in late September to roughly $47 billion in November.
The decline alongside falling prices suggests that traders are reducing their overall derivatives exposure. Since open interest measures outstanding contracts rather than market direction, the decline alone cannot confirm whether bullish or bearish positions are being closed.
This points to diminished speculative participation and reduced activity in leveraged markets, potentially limiting the strength of short-term price movements.
Also Read: Bitcoin Price Signals Recovery as Dormant Whale Buys $228M
What Does Anthony Pompliano’s Bitcoin Comment Suggest?
Bitcoin’s latest correction has also attracted attention from market commentator Anthony Pompliano. In a post on X, he highlighted the decline, stating, “Bitcoin is falling to prices we haven’t seen since…..3 months ago.”
He also commented, “AI and bitcoin are one big trade now.”
His remarks offer a broader perspective on the relationship between Bitcoin and emerging technology investments. While the comments do not provide a direct explanation for the current sell-off, they reflect the wider market conversation surrounding Bitcoin’s position in the evolving investment landscape.
Can Bitcoin Price Recover From $68K?
Bitcoin’s near-term prospects hinge on whether buyers can hold the $67,568 daily low and push back above the $70,498 lower Bollinger Band.
A rise past the $76,740 moving average would offer firmer evidence that momentum is improving. At present, ETF outflows, shrinking open interest, and liquidation pressure continue to create difficult conditions for BTC buyers.
Cryptocurrency markets remain highly volatile, so traders ought to watch price action, market sentiment, and upcoming catalysts before making investment decisions.
Also Read: Bitcoin Price Under New Pressure as Whales Move $200M
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Athulyamol V S is a Market News Reporter at Tronweekly’s editorial team, covering cryptocurrency markets and digital asset price movements for an international cryptocurrency news platform. She focuses on Bitcoin, altcoins, and DeFi markets shaping the broader crypto ecosystem.
Her reporting is based on real-time market activity, price analysis, and major industry developments, and follows established editorial guidelines and fact-checking processes. Athulyamol holds a postgraduate degree in Communication.
