Bitcoin’s price slipped below $73,000, extending losses across major altcoins as the crypto market faced renewed selling pressure. More than $723 million in derivative positions were liquidated in the past 24 hours, and spot Bitcoin ETFs recorded significant withdrawals.
Inflation data and rate‑hike expectations
The US Consumer Price Index rose 0.4 % in October, outpacing the 0.3 % forecast, while core CPI increased 0.3 % against an expected 0.2 %. The hotter reading has revived expectations of another Federal Reserve rate hike in December, dampening appetite for risk‑on assets.
Institutional outflows from crypto ETFs
Net flows for crypto exchange‑traded funds have turned negative since October 20, with outflows approaching $750 million on October 23 and again in early November. Bitcoin‑focused investment products saw withdrawals totaling nearly $1.28 billion, indicating weakening institutional demand.
Leveraged liquidations add pressure
Crypto liquidations reached approximately $742 million in the last 24 hours, of which longs accounted for over $571 million. Ethereum led long liquidations with $261 million, while Bitcoin faced $207 million in long liquidations. More than 115,000 traders were affected.
Technical outlook for Bitcoin
Bitcoin is trading around $73,770, down 1.44 % on the weekly chart and below its 20‑week moving average. The price remains within a descending channel and has fallen to the middle Bollinger band. The weekly RSI is declining, suggesting strengthening bearish momentum. Support is seen near $72,700, with a deeper level at $58,581, while a break above $75,000 could signal a short‑term recovery.
Implications for the broader market
Bitcoin’s near‑term direction is likely to influence altcoins, as continued institutional withdrawals and leveraged selling could keep pressure on the broader market. A sustained rally above $75,000 may improve sentiment, whereas further declines could deepen the current downturn.
