Bitcoin Price Falls 4%, Can BTC Recover Above $70,000?
Heavy liquidations and $1.44 billion in ETF outflows have deepened the selloff as traders price in a higher chance of a Federal Reserve rate increase.
- Bitcoin dropped 4.1% to $69,376 on Friday, as heavy liquidations and concerns over another Federal Reserve interest rate hike weighed on the cryptocurrency market.
- Traders closed leveraged positions worth roughly $1.47 billion, while Bitcoin ETF outflows reached approximately $1.44 billion across five consecutive trading sessions ending three days ago.
- Macroeconomic pressure mounted after consumer prices rose 0.4% last month, lifting the Dollar Index above 103 and driving expectations for a Federal Reserve rate hike to approximately 90%.
- Investors are watching support levels as Bitcoin tests its 200-week SMA, with Bitfinex Alpha analysts noting, "A weekly close above roughly $68,000 keeps the long-term trend bullish."
- Glassnode identified a $14.2 billion contraction in stablecoin supply, the fastest decline in years, while Bitcoin miner reserves have fallen to approximately 1.19 million.
15 Articles
15 Articles
Bitcoin is falling to fresh lows today: What’s causing the crypto decline?
Republican congressional majorities, Nvidia’s leadership, and now Bitcoin? It’s all coming down! Bitcoin’s price has fallen below $70,000 for the first time since August, and has been on a slow downward slide since late September, when it briefly touched more than $86,500. As of Friday morning, BTC was trading as low as $68,070, before increasing to around $69,880. Over the past five days, BTC values are down almost 7%, and the digital asset rem…
Bitcoin price falls 4%, can BTC recover above $70,000?
This article was updated with a quote from Bitfinex Alpha. Bitcoin price has fallen 4.1% over the past 24 hours to $69,376 on November 13, as heavy liquidations, continued ETF withdrawals and concerns over another Federal Reserve interest rate hike…
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