Key Insights:
- Bitcoin price recovered above $69,000 after dropping to $67,568 and testing its 200-week moving average.
- BTC liquidation clusters between $72,000 and $74,000 remain in focus as traders watch for further recovery.
- US spot Bitcoin ETFs recorded $284.1 million in outflows on November 12, adding pressure to BTC price.
Bitcoin price climbed back above $69,000 on November 13 after falling to $67,568 during a sharp selloff. The rebound came as traders tested a long-term support level that Bitcoin had not reached since August.
The recovery remains fragile, however, because selling has pushed BTC below several levels it held this month. Liquidation maps also show leveraged positions above the market, with attention turning toward $72,000 to $74,000.
Bitcoin Price Rebounds After Testing Long-Term Support
Bitcoin traded above $74,000 on November 11, but the decline gathered pace when buyers lost control of $72,000. Thursday’s BTC price slide below $72,000 carried into Friday, when the price briefly moved below $68,000.
The move took BTC toward its 200-week simple moving average, near $67,900. This widely followed indicator tracks Bitcoin’s average weekly closing price over nearly four years. Its latest test mattered because the price had remained above the line since August. Bitcoin also slipped below its 200-day average near $73,100 this week, removing another level buyers had defended.
Buyers returned around the low and lifted Bitcoin above $69,000, but the recovery did not erase Thursday’s losses. BTC remained below $70,000 for much of Friday, leaving the former support area overhead. A move back under $67,568 would put the session’s low at risk again.
BTC Liquidation Levels Put $72K to $74K in Focus
The sharp fall also changed the position of traders using borrowed funds. Long positions were forced out during the decline, while short positions remained exposed to a sudden rebound. CoinGlass data showed long trades accounted for roughly 95% of Bitcoin liquidations during the selloff.
Bitcoin liquidation heatmaps place notable pockets of estimated short liquidations between $72,000 and $74,000. If BTC climbs into that range, forced short covering could add buying orders. These estimates change as traders open and close positions, so the levels are not fixed targets. Bitcoin would also need to get back above $70,000 before those higher concentrations come into view.
Analyst Rekt Capital has questioned whether rebounds can hold after Bitcoin loses former weekly support. He previously described the $73,000 area as unreliable support and identified higher resistance around $75,000. For buyers, reclaiming $72,000 would therefore be an initial step rather than confirmation of a lasting recovery.
ETF Withdrawals Add Pressure to Bitcoin’s Recovery
The drop has unfolded alongside continued withdrawals from US spot Bitcoin exchange-traded funds. Farside Investors recorded $299.8 million in net outflows on November 11, followed by $284.1 million on November 12. BlackRock’s IBIT accounted for $203.8 million of Thursday’s withdrawals. Across four sessions beginning November 9, the funds lost nearly $880 million, according to the same records.
The fund selling coincided with rising Treasury yields and weaker appetite for cryptocurrencies. Bitcoin’s retreat below $70,000 also came as US equities weakened, adding pressure across risk assets. The ETF figures show reduced demand through those products, although they cannot explain every intraday price movement.
Friday’s bounce has left Bitcoin between two important areas on the chart. The $67,500 to $68,000 region sits near the day’s low and the 200-week average. Above the market, $72,000 to $74,000 remains the area traders are watching for a stronger recovery.
This article provides information, not investment advice. Cryptocurrency investments carry financial risks.
Kelvin is an experienced crypto journalist with over 6 years of experience backed by an Actuarial Science and English Degree. He has over 10,000 works published under his profile in several major media sites in the crypto, Web 3, and Finance sectors.
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