Bitcoin has dropped below $69,000, reaching its lowest level in three months, as selling pressure intensifies across the cryptocurrency market.
The world's largest cryptocurrency has lost more than 7% over the past two days, while the broader crypto market has declined over 9% during the past week.
According to CoinGlass, approximately $1.31 billion in leveraged long positions were liquidated within 24 hours, contributing to a wider liquidation wave exceeding $1.4 billion.
The sell-off follows growing concerns about US inflation, institutional withdrawals and declining technology stocks
Bitcoin's latest decline has also brought several important long-term technical support levels into focus.
Bitcoin Breaks Below Bull Market Support Band
Bitcoin is now trading significantly below its bull market support band, a technical indicator commonly used to assess longer-term market momentum.
The indicator combines Bitcoin's 20-week simple moving average and 21-week exponential moving average.
During sustained bullish periods, Bitcoin typically trades above this range, occasionally returning to it during corrections.
However, BTC has broken below the support band after testing it earlier in November.
The indicator currently sits between approximately $73,570 and $76,530.
These levels could become resistance if Bitcoin attempts to recover, although moving averages cannot reliably predict future prices.
The breakdown suggests weakening market momentum following several weeks of declining cryptocurrency valuations.
Bitcoin ETFs Record $1.88 Billion in November Outflows
Institutional selling pressure has intensified, with US spot Bitcoin ETFs recording approximately $1.88 billion in net outflows during November.
According to SoSoValue, the funds experienced withdrawals on seven of the month's first eight trading sessions.
Approximately $1.44 billion exited Bitcoin ETFs over five consecutive sessions, including $299.9 million on November 11.
The largest daily withdrawal occurred on November 5, when investors pulled approximately $430.2 million.
Meanwhile, total ETF net assets declined from $102.26 billion on November 4 to roughly $93.70 billion.
The figures reflect both investor withdrawals and changes in the market value of underlying Bitcoin holdings.
AI Stock Crash and Inflation Pressure Bitcoin
Bitcoin's decline has coincided with substantial losses across AI-focused technology stocks, reflecting broader investor caution toward risk-sensitive assets.
On November 5, the Nasdaq reportedly fell 5.52%, while Nvidia shares declined approximately 9%.
The subsequent resignation of Nvidia CEO Jensen Huang added uncertainty to an already struggling technology sector.
Macroeconomic conditions have also deteriorated following higher-than-expected US inflation data.
Core Consumer Price Index inflation increased 0.3%, exceeding forecasts of 0.2%.
The report strengthened concerns about another Federal Reserve interest rate increase in December.
Higher borrowing costs and Treasury yields can reduce demand for speculative investments, including cryptocurrencies.
Bitcoin Approaches Critical $68,000 Support
Bitcoin is now approaching its 200-week simple moving average near $67,990, a widely monitored long-term technical indicator.
Historically, this moving average has provided support during several major cryptocurrency market corrections.
However, Bitcoin also spent extended periods below the indicator during the 2022 bear market, demonstrating that it cannot guarantee a price recovery.
A sustained move below $68,000 could increase the risk of additional downside, while reclaiming $73,570 would represent an initial improvement in market momentum.
Investors are now watching the Federal Reserve's December 8–9 meeting, alongside ETF flows and broader stock market performance.
For now, Bitcoin faces significant uncertainty as institutional selling, inflation concerns and leveraged liquidations continue pressuring cryptocurrency prices.
