Update
Bitcoin Faces Selling Pressure as Retail Sentiment Shifts
Bitcoin continues to experience selling pressure as traders struggle to regain confidence. The leading cryptocurrency recently slipped below $75,000 after weeks of weakness. ETF withdrawals and leveraged liquidations have added pressure across the market. However, Santiment has identified a shift in retail behavior. Smaller investors appear increasingly impatient and are leaving the market. Bitcoin traded around $74,537 on Tuesday, down 0.93% daily, declining from October highs near $87,000. Five consecutive weekly red candles have strengthened concerns about further losses. Analyst Ted Pillows highlighted another worrying technical development. Bitcoin recently lost the 50-week moving average. He warned that failure to reclaim this indicator could trigger $70,000. Meanwhile, traders are watching the October US Consumer Price Index report. The inflation figures could influence Federal Reserve interest rate expectations. Higher inflation might reduce hopes for upcoming rate cuts. Consequently, risk assets could face additional pressure. Derivatives activity also highlights growing uncertainty. Sunday’s market sell-off liquidated more than $1 billion across cryptocurrencies. Bitcoin accounted for approximately $278 million in liquidations. Long positions suffered most as BTC briefly approached $73,700. Institutional demand has weakened alongside derivatives activity. US spot Bitcoin ETFs recorded $201 million in net outflows on November 9. This marked the third consecutive session of withdrawals. BlackRock’s IBIT alone experienced $213.2 million in redemptions. Total withdrawals reached approximately $2.13 billion across seven sessions. Nevertheless, cumulative ETF inflows since January 2024 remain above $55 billion. Santiment has also identified an interesting development among smaller investors. Bitcoin’s non-empty wallet count peaked.