Bitcoin's recovery prospects weakened as exchange-traded fund (ETF) withdrawals, futures selling and inflation pushed the cryptocurrency toward vulnerable levels. Support near USD 73,000 could determine whether prices approach USD 64,000.
According to Glassnode, equities trading volume on Hyperliquid overtook Bitcoin volume again, suggesting crypto-native traders were increasingly pursuing stock-market opportunities. A similar volume ratio appeared in August before Bitcoin rallied from USD 63,000 to USD 87,000, without guaranteeing another rebound.
Meanwhile, US spot Bitcoin ETFs recorded USD 1.043 billion in outflows across the past three trading sessions, indicating weaker demand.
Glassnode's short-term-holder to long-term-holder supply ratio moved above its upper band, suggesting greater sensitivity to sudden price changes. Its Market Pulse report also showed declining profitable supply, indicating cooling rather than capitulation.
According to analyst Axel Adler Jr., Bitcoin's Coinbase Premium Index stood at -0.135%, indicating weaker Coinbase pricing relative to Binance. Futures net taker buy-sell imbalance reached -13,142 BTC on November 9, improving from -75,000 BTC on November 5 but remaining negative.
Bitcoin hovered near its 200-day moving average of USD 73,193. Analysts identified USD 64,000-USD 74,000 as a thinly traded zone that could permit faster downward moves if support fails.
Bitcoin dropped to USD 72,689 on Tuesday after October's US consumer price index rose 0.4% month-on-month, compared with September's 0.6% increase. Energy inflation slowed to 0.7% from 5.2%, yet expectations of another Federal Reserve rate increase intensified.
Reported odds of a December 25-basis-point hike climbed from 77% to 85%. According to CoinGlass, cryptocurrency liquidations exceeded USD 632 million over 24 hours, including more than USD 511 million in longs. Bitcoin liquidations topped USD 169 million, while Ether approached USD 240 million.
Bitunix analysts warned: “If services inflation and energy cost pass-through remain elevated, a persistently strong US dollar and high Treasury yields would constrain any recovery in liquidity.”
A sustained recovery therefore depends on renewed buying demand and stronger support, while USD 64,000 remains a downside scenario, not a confirmed target.
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