The crypto market has faced renewed selling pressure recently, with Bitcoin’s price sliding below $73,000 and major altcoins also extending their losses. Selling pressure has also intensified in derivative markets, with more than $723 million liquidated in the past 24 hours. Meanwhile, continued withdrawals from spot Bitcoin ETFs have added to concerns over institutional demand.
With the Bitcoin price struggling to reclaim $75,000, investors are now watching whether the latest correction will deepen or buying interest will emerge around key support levels.
What Caused the Latest Crypto Market Crash?
The latest crypto market downturn follows hotter-than-expected US inflation data, which has revived concerns over another FED interest rate hike and weakened investor appetite for risk-sensitive assets. At the same time, institutional withdrawals and a fresh wave of leveraged liquidations have added to bearish sentiment, dragging Bitcoin & major altcoins lower.
Hotter US Inflation Rate Hike Concerns
The US Consumer Price Index (CPI) increased 0.4% in October, exceeding economists’ expectations of 0.3%. The Core CPI, which excludes food and energy prices, rose 0.3%, against the 0.2% forecast. Therefore, the hotter inflation reading strengthened expectations of another FED rate hike in December.
Crypto ETF Outflows Signal Weakening Institutional Demand
Institutional investors have continued reducing their exposure to crypto investment products, adding another layer of selling pressure. The ETF net flow chart highlights a growing frequency of outflow sessions, with several recording substantial withdrawals in late October and early November. Since October 20, daily net flows have increasingly turned negative, indicating persistent withdrawal pressure across markets.
Outflows approached $750 million on October 23 and again in early November, marking some of the largest daily withdrawals. Although a few sessions recorded positive flows, these inflows were insufficient to reverse the broder withdrawal trend. Bitcoin investment products have also experienced substantial withdrawals to nearly $1.28 billion, adding to concerns about institutional demand.
More Than $740M in Crypto Liquidations Accelerate Selling
Total crypto liquidations reached approximately $742 million over the past 24 hours, with the longs accounting for more than $571 million. Ethereum recorded the highest long liquidation of $261.16 million, while Bitcoin faced $207.11 million. More than 115,000 traders were affected during the reported period.
The repeated long liquidation events highlight the risks associated with excessive leverage in the crypto market. This creates additional selling pressure and can intensify an existing market downturn. Hence, now that the bullish traders are unable to defend their positions, it may imply that Bitcoin’s price and the broader crypto market may remain vulnerable to further volatility.
BTC Price Struggles Below $75,000 as Bearish Momentum Returns
Bitcoin is showing signs of renewed weakness on the weekly timeframe after failing to sustain its recent recovery towards $90,000. The BTC/USDT pair is trading around $73,770, down 1.44% on the weekly candle, with sellers pushing the price below the 20-week moving average. The broader price structure also remains bearish, as Bitcoin continues to trade within a descending channel after a failure to break the upper boundary, keeping the possibility of further downside open.
BTC price has now slipped towards $73,700, with the latest weekly candle indicating renewed selling pressure, while a reclaim of $75,000 could establish a recovery. The weekly RSI remains declining, which indicates that bearish momentum is gaining strength. The buying pressure has weakened following Bitcoin’s recent recovery. Besides, the price has reached the middle Bollinger band, substantiating the bearish claim. The price is required to hold at this level and trigger a rebound to improve its short-term technical outlook.
What’s Next for the BTC Price and the Broader Crypto Market?
Bitcoin’s near-term direction will largely depend on whether buyers can defend the $72,700 support zone or whether continued macroeconomic uncertainty, ETF withdrawals and leveraged selling push prices lower. A sustained recovery above $75,000 could improve market sentiment, but the broader weekly structure remains vulnerable until BTC breaks out of its descending channel.
If selling pressure persists, a breakdown below $72,700 could expose Bitcoin to further downside, with the $58,581 support area emerging as a major level to watch. Conversely, a recovery above $75,000, followed by a move towards 82,000–85,000, could signal improving buying interest.
For the broader cryptocurrency market, Bitcoin’s stability will remain crucial. Continued institutional withdrawals and fresh long liquidations could weigh on altcoins, while a recovery in ETF demand and easing macroeconomic concerns could help restore investor confidence.
Was this writing helpful?
Story Ends Here
Trust with CoinPedia:
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:
All opinions and insights shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Read the Next News
