• Bitcoin faces mounting pressure after five consecutive weekly losses and $2.13 billion in ETF outflows.

• Santiment reports 108,700 fewer Bitcoin wallets, suggesting smaller investors are losing patience.

• BTC must defend $72,000–$75,000 support to strengthen recovery prospects and avoid deeper losses.

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. Interestingly, similar behavior has sometimes preceded major Bitcoin recoveries. Could growing fear signal an approaching market bottom?

https://twitter.com/AshCrypto/status/2120598139426214097?a=NNlPnruwHglFnpAqq9s&s=19 Bitcoin Price Weakens as ETF Outflows and Liquidations Mount

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 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 at 59.99 million October 16. Since then, approximately 108,700 wallets have disappeared. The analytics firm believes smaller holders are growing impatient. However, declining wallet numbers do not necessarily indicate weaker network activity. Some investors consolidate holdings or empty wallets during prolonged downturns.

Can Bitcoin Defend Support and Confirm a Market Bottom?

Bitcoin's technical structure currently presents several important price levels. The ascending trendline from June's $57,000 low sits around $72,000–$73,000. The Relative Strength Index stands at 36.14, approaching oversold territory. Meanwhile, MACD remains negative, reflecting persistent bearish momentum.

Bitcoin must reclaim $76,000 before challenging $78,000 resistance. Further recovery could expose the $80,500–$82,500 resistance region. However, losing $72,000 would weaken the ascending trendline. Such a breakdown could expose support around $68,000. The broader $64,000–$67,000 region would become another important demand zone.

For now, Santiment's retail sentiment data offers a potential recovery signal. However, buyers must defend support and restore market confidence. Bitcoin's next move could determine whether current fear marks capitulation or another correction.