Key Facts

  • Bitcoin fell as low as $67,653 overnight, its lowest since Aug. 19, and traded below its 200-week moving average for the first time since August, CoinMarketCap data show.

  • US spot Bitcoin ETFs lost about $1.72 billion over six straight sessions through Thursday, and the Coinbase premium has been negative since September, Glassnode said.

  • Bitfinex says a weekly close above roughly $68,000 on Sunday keeps Bitcoin's long-term trend bullish by the 200-week measure.

Bitcoin fell as low as $67,653 overnight, its lowest since Aug. 19, and traded below its 200-week moving average for the first time since August, CoinMarketCap data show.

US spot Bitcoin ETFs lost about $1.72 billion over six straight sessions through Thursday, and the Coinbase premium has been negative since September, Glassnode said.

Bitfinex says a weekly close above roughly $68,000 on Sunday keeps Bitcoin's long-term trend bullish by the 200-week measure.

Checkonchain's James Check described the sellers on Friday.

How Far Has Bitcoin Fallen? To Its 200-Week Average

Bitcoin traded at $68,488 at 10:28 a.m. ET on Friday, CoinMarketCap data show. It broke below $70,000 late Thursday in New York and hit its low a few hours later, before recovering part of the drop.

The long-term average smooths out weekly closes over roughly a full market cycle, and traders treat it as the dividing line for the long-term trend.

Who Is Selling? ETF Holders and Leveraged Longs

A liquidation closes a leveraged bet automatically once the trader's collateral runs out, which adds another sale to a falling market.

Where Are US Buyers? Quiet Since September, Glassnode Says

The demand gap shows up in the Coinbase premium, the price difference between Coinbase and offshore exchanges. Heavy US buying pushes it positive.

Glassnode found the premium negative throughout the slide from the September high. The big rallies of recent years all ran with a premium, and some started from discounts as deep as this one, the firm noted.

Smaller buyers have also pulled back. Retail demand is shrinking by nearly 10% a month, CryptoQuant contributor Darkfost wrote on X, though he reads that retreat as a contrarian buying signal.

What Decides the Trend? Sunday's Weekly Close Near $68,000

Bitfinex analysts set the test for the weekend.

A rebound would meet sellers higher up. Recent buyers paid about $75,400 on average, and many could sell into bounces, Bitfinex analysts wrote.

A weekly close below about $68,000 would be the fourth since June.

K33's head of research reads the drop as an entry point rather than a reason to sell.