Bitcoin gave up its early gains on November 10 as investors awaited US inflation data and assessed institutional selling pressure. The cryptocurrency briefly reached USD 75,231 before retreating to USD 74,568.23, gaining 0.67% over 24 hours and 2.43% weekly. Weakness in US technology stocks, elevated Treasury yields and ETF withdrawals weighed on sentiment.
According to SoSoValue, Bitcoin ETFs recorded USD 411.92 million in net outflows, while Ethereum ETFs lost USD 184.51 million.
According to Glassnode's Market Pulse report, Bitcoin's circulating supply in profit declined 3.8 percentage points to 60.6% over seven days. Net Unrealized Profit/Loss dropped from 3.4% to 1.1%, indicating diminishing investor gains.
“Loss realization now clearly dominates, a sign of fear-driven selling, although the reading has not reached its low band,” Glassnode wrote. Short-term holders also entered unrealized losses, increasing vulnerability to further selling.
According to Glassnode, Bitcoin futures open interest slipped 1.1% to USD 37 billion from USD 37.4 billion, although leverage remained historically elevated. Long-position funding payments declined 7.1% to USD 2.9 million, suggesting bullish traders continued paying to maintain exposure.
Spot cumulative volume delta reversed from positive USD 6.6 million to negative USD 91.8 million. Trading volume rose 13.3% to USD 6.4 billion, highlighting active selling despite increased participation.
“Momentum stays weak, but it no longer confirms the decline, a sign that the selling has lost some of its force,” Glassnode stated.
Nischal Shetty, Founder of WazirX, identified immediate support at USD 74,300-USD 74,800 and secondary support at USD 73,100-USD 73,300, with resistance at USD 76,300-USD 76,500.
According to Vikram Subburaj, CEO of Giottus, US inflation data scheduled for 7 pm IST presents the next major test. A core inflation reading above the 0.2% monthly forecast could strengthen expectations of a December Federal Reserve rate hike, complicating recovery above USD 76,450.
Lower oil prices and a weaker dollar offered some support, but institutional withdrawals and cautious derivatives positioning kept the outlook highly uncertain.
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