Bitcoin declined below USD 69,000 on November 13, extending its recent decline amid growing macroeconomic uncertainty and cryptocurrency market selling. The latest downturn triggered widespread liquidations, while sustained outflows from US spot Bitcoin exchange-traded funds (ETFs) added pressure.
Bitcoin dropped more than 7% over two days, reaching its lowest level in nearly three months. The cryptocurrency had climbed to USD 81,000 following the US midterm elections before reversing sharply. Prices subsequently declined below USD 76,000, followed by another correction toward USD 74,000.
Selling intensified after US inflation data, pushing Bitcoin below USD 73,000. A temporary recovery toward USD 75,000 failed, with BTC subsequently falling through USD 70,000 and USD 69,000. The broader cryptocurrency market lost more than 9% of its capitalization over the past week.
According to CoinGlass, cryptocurrency liquidations surpassed USD 1.4 billion over 24 hours, affecting more than 170,000 traders. Long positions accounted for approximately USD 1.26 billion, compared with USD 155 million in short liquidations.
Bitcoin recorded USD 742 million in liquidations, while Ethereum contributed approximately USD 250 million. The largest individual liquidation reached USD 31.09 million on Hyperliquid. Ethereum declined another 6% to USD 1,925, while XRP approached USD 1. Solana, Dogecoin, Zcash and Monero also registered substantial losses.
SoSoValue data suggests US spot Bitcoin ETFs recorded approximately USD 1.92 billion in cumulative November outflows. Funds experienced withdrawals during eight of November's first nine trading sessions.
Approximately USD 1.44 billion exited over five sessions, including USD 299.9 million on November 11 and USD 47.61 million on November 12. Total ETF net assets declined from USD 102.26 billion on November 4 to USD 93.70 billion.
Bitcoin remains below its bull market support band, comprising the 20-week simple moving average (SMA) and 21-week exponential moving average (EMA). Trading below these indicators suggests weakening bullish momentum. Investors are monitoring whether Bitcoin can reclaim USD 70,000 while assessing ETF flows, inflation expectations and broader market volatility.
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