Bitcoin hit a low of $68,297 on Friday, its lowest since August 19. It wasnât one cause. Four things hit at once:
1ď¸âŁ Inflation and rate-hike fears đŚ
Expectations of a December Fed hike pushed the 10-year Treasury yield above 5%. A strong dollar and rising yields added to the pressure.
2ď¸âŁ The Nvidia shock đĽ
Jensen Huang resigned as Nvidia CEO on November 12 amid scandal. The stock fell about 10%. Turbulence in AI stocks hurt bullish Bitcoin trades.
3ď¸âŁ ETF outflows đ
US spot Bitcoin ETFs saw over $2.5B in net outflows between Oct 30 and Nov 11. Institutional demand is cooling.
4ď¸âŁ Leverage got flushed âĄ
The drop accelerated once $70K broke, where lots of leveraged longs were stacked. Over $1.3B was liquidated in 24 hours per CoinGlass.
đ Where things stand right now
âŞď¸BTC: $69,071
âŞď¸Fear & Greed Index: 19, extreme fear đ¨
âŞď¸BTC lost its 200-day moving average on Thursday
âŞď¸$70K is now the level bulls need to reclaim
âŞď¸Bitcoin is heading for a sixth straight weekly loss
đ What to watch next
ETF flows, Nvidiaâs results, and the Anthropic IPO next week, plus the Fedâs December 9â10 meeting.
My take: Extreme fear can mean capitulation, but it can also mean more pain. Liquidity is thin and leverage is still high, so sharp moves in both directions are possible. Manage risk and donât chase candles. đ§
DYOR
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