Is Bitcoin Going to Crash Toward $60K? Here’s What Investors Should Watch - Coinpedia

Bitcoin's breakdown below $68,000 has shifted market attention toward lower support levels. The cryptocurrency dropped below $66,000 on November 14, reaching its weakest level since August as selling pressure continued through the weekend. The decline has extended Bitcoin's losing streak, putting it on course for a sixth consecutive weekly loss. From its October highs near $86,000, BTC has now surrendered a substantial portion of its gains.

Macroeconomic concerns are adding to the pressure. Hotter US inflation has strengthened expectations of further Federal Reserve rate increases, while a stronger dollar and rising Treasury yields have reduced appetite for riskier assets. That combination leaves Bitcoin vulnerable as investors reassess their exposure to speculative investments.

ETF Outflows Reach $1.91 Billion

Institutional demand has become a major concern for Bitcoin investors. US spot Bitcoin ETFs recorded approximately $185.45 million in net outflows on November 13, extending their withdrawal streak to seven consecutive trading sessions. The cumulative outflows reached roughly $1.91 billion between November 5 and November 13, with BlackRock's IBIT accounting for a significant portion of the withdrawals.

Despite the recent withdrawals, cumulative net inflows across US spot Bitcoin ETFs remain above $54 billion, with total net assets around $86.2 billion. The immediate concern is whether persistent redemptions will continue to weaken demand. If ETF withdrawals extend into another week, Bitcoin could struggle to attract enough buying interest to establish a durable recovery.

$1.5 Billion in Liquidations Adds Pressure

Bitcoin's decline has triggered a major wave of forced selling across the derivatives market. Approximately $1.5 billion in leveraged crypto positions were liquidated over 24 hours, with bullish positions accounting for the overwhelming majority. Bitcoin positions represented a substantial share of those liquidations.

When leveraged long positions are forcibly closed, exchanges sell the underlying exposure, potentially accelerating an existing decline. This creates additional pressure during periods of weak liquidity. Traders who expected Bitcoin to recover are being forced out of positions, while fresh buyers remain cautious about entering before the market stabilizes.

Critical Support Zone at $64K-$68K

Bitcoin price is approaching a critical technical zone after losing the $70,000 and $68,000 levels. The price action shows a sustained downward trend, with lower highs and lower lows indicating that sellers remain in control. The $64,000–$68,000 region is now an important demand zone.

If buyers defend this area and push BTC back above $68,000–$70,000, the cryptocurrency could attempt a short-term recovery. However, a sustained breakdown below $64,000 would expose the next major support near $60,000–$61,000. On the upside, Bitcoin needs to reclaim $70,000 before a stronger recovery can take shape.