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Bitcoin price fell to a four-month low on Sunday, November 15, as heavy liquidations added to a weekend selloff across cryptocurrencies. The decline followed two weeks of withdrawals from US spot Bitcoin exchange-traded funds (ETFs) and renewed concerns over US interest rates.
Bitcoin dropped 5.7% during US trading on Saturday before falling to about USD 62,022 in Asian trading on Sunday. That marked its lowest level since July 14. The cryptocurrency later recovered to roughly USD 64,600, although it remained down sharply from the previous week.
At the time of reporting Sunday's trading, Bitcoin traded at USD 64,014.61, down 4.69% over 24 hours. The wider cryptocurrency market lost 4.42% over the same period. Ethereum also fell, reaching around USD 1,711 before recovering toward USD 1,800. Bitcoin has declined more than 20% since October 21.
The selling came as investors weighed the prospect of higher US interest rates and losses across technology-related assets. The October 29 Binance security breach also remained part of the broader market backdrop. However, the available data did not establish a single event that triggered Sunday's decline.
CoinGlass data showed approximately USD 1.97 billion in cryptocurrency positions liquidated during the 24 hours through Sunday noon in Singapore. Bitcoin accounted for about USD 758 million, while Ethereum represented roughly USD 466 million. Most forced closures involved long positions, which traders use when they expect prices to rise.
Liquidations occur when exchanges close leveraged trades that no longer have enough collateral. As Bitcoin declined, those closures added selling pressure. Friday had already brought about USD 1.3 billion in liquidations of long cryptocurrency positions.
Rich Rosenblum, co-founder of crypto market maker GSR, described the decline as a technical move. He linked the selling to Bitcoin's break below its 200-day moving average near USD 73,000, which triggered further liquidations and short positions.
Rosenblum also suggested Bitcoin could be approaching a technical floor. However, the cryptocurrency had yet to establish a sustained recovery following Sunday's decline.
US spot Bitcoin ETFs recorded roughly USD 2.35 billion in net withdrawals across the two weeks ending November 13, Farside Investors data showed. Outflows totaled USD 1.07 billion during the latest week, after USD 1.28 billion the week before. November 13 alone brought USD 185.4 million in net redemptions.
BlackRock's iShares Bitcoin Trust accounted for USD 143.5 million of Friday's outflows, while Fidelity's FBTC lost USD 41.9 million. IBIT recorded 11 consecutive sessions of withdrawals through Friday, totaling about USD 2.35 billion. Across all spot Bitcoin funds, seven straight trading sessions ended with net outflows.
The next US ETF trading session on November 16 will provide another measure of fund demand. Separately, the Federal Reserve is scheduled to announce its next interest-rate decision on December 9. Bitcoin's November 15 low near USD 62,000 and the recovery area above USD 65,000 remain nearby price levels following the weekend selloff.
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