TLDR
- Bitcoin briefly fell below $96,000 on November 14, its lowest level since May.
- Institutional outflows led to Bitcoin ETFs losing approximately $870 million on November 13.
- Bitcoin’s market capitalization dropped to $1.94 trillion, falling below the $2 trillion threshold.
- The large outflows from Bitcoin ETFs reflect a broader market unease.
- Grayscale’s Mini BTC saw the largest withdrawals, totaling $318 million.
Bitcoin (BTC) experienced a steep decline on Friday, November 14, briefly falling below $96,000, marking its lowest level since May. This drop was largely attributed to institutional outflows, with nearly $870 million withdrawn from Bitcoin ETFs on November 13. As a result, Bitcoin’s market capitalization fell below the $2 trillion mark, now sitting at $1.94 trillion.
Bitcoin ETFs Face Heavy Withdrawals, Leading to Major Losses
On November 13, Bitcoin ETFs saw an outflow of approximately $870 million, the second-largest withdrawal of the year. The largest of these withdrawals came from Grayscale’s Mini BTC, which saw redemptions totaling $318 million. BlackRock and Fidelity followed, with outflows of $257 million and $120 million, respectively.
Over the last three weeks, Bitcoin ETFs have experienced a combined $2.64 billion in net outflows. These outflows came amid broader market uncertainty, as institutional investors pulled back from the crypto market. This reflects cautious sentiment in the market, as Bitcoin’s price volatility has raised concerns.
The large outflows have coincided with increased selling pressure. As the market experienced heavy withdrawals, Bitcoin’s price fell further. Analysts continue to watch these withdrawals closely, as they signal a shift in investor behavior.
Bitcoin Faces Critical Support Levels as Momentum Weakens
Bitcoin is now testing crucial support levels between $96,500 and $97,000. This follows its fall below key technical thresholds, including the 23.6% Fibonacci retracement at $111,958 and the 200-day exponential moving average (EMA) at $110,470.
According to Ali charts, if Bitcoin cannot hold this support, it may see further downward movement toward the next support levels at $82,045 and $66,900.
Momentum indicators show a weakening trend for Bitcoin. The daily relative strength index (RSI) has fallen to 33, signaling oversold conditions. The moving average convergence divergence (MACD) stands at -2,752, further reflecting the bearish trend and the lack of clear reversal signals.
As Bitcoin’s price continues to struggle, the market remains uncertain. Long-term holders have sold nearly 390,000 BTC since October. Inflows to exchanges have spiked, with 12,000 BTC moving to trading platforms just in the past day, the largest single-day movement since March.
At press time, Bitcoin was trading at $96,740, still down over 6% in the last 24 hours. This loss follows a steep decline in its market cap, which fell by $120 billion in a single day. The broader crypto market also mirrored Bitcoin’s struggles, with the total market capitalization falling to $3.73 trillion.
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