Three Things to Know Bitcoin extended its weeklong slide as leveraged longs were flushed out and ETF investors kept pulling money. The daily momentum gauge sits deep in oversold territory, ye
Bitcoin fell further on Saturday as forced liquidations hit bullish traders and spot bitcoin funds logged another week of heavy redemptions.
That combination leaves the largest crypto asset with thin buying support heading into a Fed decision in December. Traders now want to know if oversold conditions can produce a real bounce or only a brief pause before another leg lower.
Bitcoin slipped below $65,000 on Saturday, down about 6% in a day. The drop extended a weeklong slide that began with the price above $74,000. On Friday it had already broken under $69,000, its lowest level since August.
Leverage made the fall sharper. More than $1.2 billion in positions were liquidated over 24 hours, mostly bullish longs, according to CoinGlass data. Each forced sale added fresh selling into a falling market.
Spot bitcoin ETFs lost about $1.07 billion last week, SoSoValue data show. That marks a second straight week above $1 billion, with outflows in all five sessions. The streak now totals $1.91 billion since Nov 5. It is the longest since a run from mid-June to early July.
BlackRock's IBIT accounted for $143.5 million of Friday's $185.5 million in redemptions. November outflows have reached $2.35 billion. Across all spot crypto ETFs, investors pulled about $1.55 billion last week. Ether funds shed $398.9 million for a seventh negative week, and AVAX funds took the only inflow, a slim $227,000.
Macro worries fed the selling. Traders weighed Jensen Huang's resignation as Nvidia CEO and a Fed rate hike widely expected on Dec 9. Ether broke below $1,800, down nearly 8%.
Bitcoin (BTC) daily price with the nearest support (green) and resistance (red). Source: TradingView
Bitcoin now trades near $64K, well under both of the moving averages that traders watch most. A moving average smooths out daily swings to show the broader trend. When price sits below these lines, they tend to act as ceilings on any rebound.
The 50-day average stands around $77K. The 200-day average sits close behind at about $76K. Any recovery has a long climb before it can challenge them.
On paper, the shorter average remains above the longer one, which usually signals an intact uptrend. That cushion is thin, though, and price has already crashed through both. If the decline holds, the 50-day line could roll under the 200-day in the coming weeks, a bearish signal many chart watchers track.
Recent losses explain the damage. Bitcoin has dropped about 22% over the past 30 days. Most of that came in the last seven days, when the price fell roughly 15%.
A slow grind lower gives sideline buyers time to step in at each dip. A sharp weekly drop like this one tends to scare them off, and the structure on the daily chart now favors sellers.
The daily RSI, a 0 to 100 gauge of momentum, has sunk to about 20. Anything under 30 counts as oversold, so this reading shows how hard and fast the selling has been. Readings this low often come before a relief bounce, as sellers run out of stock to dump.
Still, prices can stay stretched for days during a strong selloff, and RSI can drift even lower.
Other signals still lean bearish. The MACD, which compares short and longer-term price trends, sits below its signal line, so momentum is still pointing down.
Bitcoin's price was roughly flat over the past 24 hours. That calm looks like a pause after the liquidation flush cleared out weak longs. Selling has slowed, but buyers have not clearly returned.
On the daily chart, the nearest support sits around $62K. If buyers fail to defend it, the next floor shows up near $59K, and a slide there would put the $60,000 mark firmly in play.
Round numbers tend to draw attention from both sides. Some traders park buy orders there, while others place stop losses just beneath it. A clean break could trigger another wave of forced selling.
Overhead, the first serious resistance waits near $75K. That level sits just below the 200-day average, so sellers could defend both lines together. A move past $80K would mark a full repair of the trend and erase most of this month's damage.
The direction of the break will say a lot about the ETF exodus. Holding that floor would hint that redemptions are easing. Losing it would suggest the outflows still have room to run.
Two paths stand out from here, and the nearest support decides which one plays out.
Any bounce from here deserves caution until ETF redemptions slow and fresh money returns to the funds.
The Fed meeting adds another risk, since a rate hike would tighten conditions for risk assets. That could send the price through its nearest floor in a hurry.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
