Bitcoin slipped below its 50-day moving average, as renewed selling pressure and significant spot ETF outflows fueled market uncertainty. At last check, Bitcoin changed hands at $77,423.87, reflecting a drop of 1.19%, while attention has turned to the $77,000 support zone amid bearish sentiment and persistent outflows from institutional products.
ETF outflows mount as selling continues
Recent data from Lookonchain shows that spot Bitcoin ETFs experienced $614.26 million in daily net outflows, equivalent to 7,919 BTC, on November 2. The latest weekly figure stands at 2,292 BTC withdrawn, or about $177.81 million. These outflows suggest sustained pressure on institutional demand for Bitcoin exposure via regulated products.
Spot Bitcoin ETFs have served as a regulated gateway for large investors, but persistent withdrawals may signal diminished appetite among these players. Negative net flows do not, on their own, predict price direction, but current trends may undermine confidence in a short-term price rebound.
Spot Bitcoin ETFs saw net outflows of $614.26 million in a single day, with weekly outflows totaling $177.81 million, equal to 2,292 BTC withdrawn from institutional funds.
Alongside Bitcoin, Lookonchain also reported that spot Ethereum ETFs recorded one-day net outflows of 44,837 ETH, valued at $102.12 million, and weekly net outflows of 147,585 ETH or about $336.15 million. Weak flows across leading cryptocurrencies highlight a broader risk-off mood among institutional holders.
Technical outlook grows cautious
On the daily chart from TradingView, Bitcoin trades below its 50-day moving average of $81,993.42, yet remains above the 200-day moving average at $73,208.15. This positioning signals short-term technical weakness but leaves open the possibility for support at longer-term averages.
The Relative Strength Index (RSI) measures at 36.52, falling below its moving average of 43.11, a sign of ongoing bearish momentum. However, as the RSI remains above the oversold threshold of 30, some analysts suggest this leaves potential room for further downside or a possible relief bounce.
According to CoinGlass, Bitcoin open interest fell to nearly $53 billion at October’s end, down sharply from more than $60 billion just a month earlier. This reduction reflects fewer outstanding derivatives positions and may indicate declining trader participation or the unwinding of leveraged bets in the market.
Falling open interest combined with price retreats often point to a risk-off phase, but without details on liquidations and funding rates, it is unclear whether recent declines were driven mainly by long-position closures.
Key levels and trader focus
Short-term, Bitcoin faces resistance at the 50-day moving average near $81,993.42 and further at $83,370.15. Sustained trading below these marks adds to the cautious tone, while a decisive break under $77,000 could put the $75,000 psychological level in play.
If ETF outflows slow and Bitcoin recovers its short-term moving averages, sentiment could improve moderately. Until then, near-term outlooks remain guarded, with market participants closely monitoring chart signals and institutional flows for clues about the next direction.
With ETF outflows and key technical levels in focus, many traders need tools to track price breaks and fund movements in real time. CryptoAppsy enables users to set price alerts for critical levels, such as the $77,000 support or the 50-day average, so they can react to sharp shifts as soon as they occur. These features help monitor institutional flows and sudden market turns, which are especially important for managing risk in volatile conditions like those currently faced by Bitcoin.
