Bitcoin price loses $68K trendline: Can buyers defend $66K? - Crypto News
Bitcoin has fallen to around $67,200 on Nov. 14, losing more than 10% this week and slipping beneath its 200-week moving average.
Bitcoin has fallen to around $67,200 on Nov. 14, losing more than 10% so far this week and slipping beneath its 200-week moving average as selling continues below $70,000. The cryptocurrency traded below its 200-week moving average near $67,992, with the weekly candle still open.
Daily RSI fell to 22.96, while price dropped beneath the lower Bollinger Band. U.S. Bitcoin ETFs lost roughly $1.44 billion across five trading sessions through Nov. 11. TradingView's Binance BTC/USDT charts show Bitcoin touching $66,456 before recovering toward $67,194 in the Nov. 14 snapshot.
Technical breakdown
On the weekly chart, Bitcoin's 200-week simple moving average stood at $67,992, leaving price approximately 1.2% beneath the line. The candle had not closed, so the snapshot shows an intraweek break below the average, with confirmation dependent on where the week finishes.
The 20-week and 50-week averages sat much higher, at $74,007 and $75,072. Both now lie above price, alongside the 100-week average at $88,730. Weekly momentum has weakened alongside the decline, with the MACD line at 648.67 below the signal line at 917.90.
Most will sell the pain. I'll be bidding it at $66K.
Market indicators
Bitcoin's daily relative strength index stood at 22.96, below the conventional oversold threshold of 30. Price had fallen beneath the lower Bollinger Band at $68,654, while the 20-day midpoint stood at $76,064 and the upper band at $83,474.
The lower band and 200-week average create nearby recovery references around $68,000–$68,650. Higher up, the weekly averages near $74,000–$75,100 sit close to the daily Bollinger midpoint, concentrating several technical levels within the same overhead area.
ETF outflows
The decline follows another round of institutional withdrawals. U.S. spot Bitcoin ETFs recorded five days of withdrawals totaling approximately $1.44 billion through Nov. 11, according to SoSoValue. BlackRock's IBIT accounted for $269.73 million of the $299.9 million withdrawn that day.
Cumulative net inflows since the funds' January 2024 launch nevertheless remained positive at $55.1 billion. Derivatives traders faced heavy losses during the preceding selloff, with CoinGlass figures putting leveraged crypto liquidations at $1.47 billion over 24 hours, including $1.31 billion in longs.
Inflation impact
October consumer inflation rose 0.4%, exceeding the 0.3% forecast. Friday's producer inflation release offered some relief: monthly PPI rose 0.3%, below expectations of 0.4%. Bitcoin briefly recovered toward $70,000 after that release, before the Saturday chart showed renewed losses.
Liquidity had already weakened before the latest drop. Bitget Wallet analysts tied a durable recovery to sustained positive ETF flows and stronger spot demand. DefiLlama figures put stablecoin capitalization at $289.81 billion, down 4.57% over 30 days.
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