Metric | Value |
|---|---|
BTC price | $69,036 |
24h change | -5.95% |
7d change | -9.05% |
Spot ETF outflows (5 sessions) | $1.44B |
200-day moving average | $73,200 |
DXY, 1 week | +1.36% |
Bitcoin touched its 200-week simple moving average on Friday for the first time since mid-August and traded at $69,036 at 10:01 UTC, down 5.95% in 24 hours. The drop follows five sessions of US spot ETF outflows and a week of dollar strength.
What happened
BTC fell below $72,000 as spot selling picked up, according to TradingView data. BTC is down 9.05% over seven days and 17.65% over the past month.
The 200-week moving average is tracked as a reference for Bitcoin's cycle lows, including in the Bitcoin Magazine Pro heatmap. The last touch of the line came in mid-August.
Asset | Price | 24h | 7d |
|---|---|---|---|
BTC | $69,036 | -5.95% | -9.05% |
ETH | $1,939.10 | -5.14% | -13.26% |
ETF outflows and technical levels
- US spot Bitcoin ETFs recorded $1.44B in outflows over five sessions through Nov. 11
- Nov. 11 alone saw $299.8M leave the funds
- The 200-day moving average sits at $73,200, now above price
- Next resistance levels are $75,600 and $76,400
- A closing break below $58,500 would invalidate the August trend reversal
Arbitrage buying tied to ETF inflows has largely faded, reducing the structural demand that could cushion declines. TradingView's technical rating for BTC reads "strong sell" on the daily and "sell" on the weekly and monthly timeframes.
Bitcoin dominance stands at 60.17%. 24-hour trading volume was $45.29B and market cap $1.39T, with price 45.2% below the all-time high of $126,080.
The dollar firmed in the same week
The US Dollar Index (DXY) gained 1.36% over the past week and 0.28% over the past month, according to TradingView. On the day, the index is nearly flat at +0.01%.
In the same week DXY climbed, BTC lost 9.05% and ETH 13.26%.
The $57,700 scenario
Keith Alan, co-founder of Material Indicators, wrote on X that "losing 41.5 on Weekly RSI opens the door to test the cycle low at $57.7k."
Alan flagged the 200-week moving average as having confluence with that weekly RSI threshold, and said a successful defense of the zone would carry bullish implications.
