According to Woofun AI, the price of Bitcoin (BTC) has substantially fallen below the 50-week moving average, which is a key long-term support level, and the market is facing both negative financial and technical losses. The previous week, the US Spot Bitcoin ETF (IBIT.US) experienced a net outflow of up to $1.28 billion. This huge sell-off directly weakened the bulls' defenses, causing BTC to drop sharply to $73,510 on Sunday evening. This decline not only marks the fifth consecutive week of decline, but has also brought market sentiment indicators into an extreme panic range. Investors are closely monitoring whether there will be a further liquidity crisis or technical rebound in the future.
Continued deterioration in funding is the core driving force that triggered this round of adjustments. According to Farside Investors data, which tracks fund liquidity, the US spot Bitcoin ETF had a net outflow on four trading days from November 2 to 6, with a cumulative withdrawal of US$1.28 billion.
This real buying and selling behavior forced fund managers to sell underlying Bitcoin assets to cope with redemptions, creating continued selling pressure over the weekend. At the same time, risk aversion at the macro level has further amplified the fragility of the market. Earlier on Sunday, media reports said that the Nvidia (NVDA.US) board of directors is investigating the relationship between CEO Wong In-hoon and a woman identified by US intelligence agencies as delivering information to Beijing. As the traditional stock market is closed, the cryptocurrency market is the only safe haven exit that can be traded, and the low trading volume over the weekend had a greater impact on the price.
According to Woofun AI, the typical one-hour Bitcoin transaction volume on a weekend is only half that of a weekday. This state of exhaustion of liquidity exacerbates price fluctuations.
The market experienced a sharp chain reaction of leveraged liquidation on Sunday night. At 21:44 UTC, the price of Bitcoin on the Binance platform was $75,607, but within the next 11 minutes, the price quickly slipped to $73,510, the lowest level since August 21. The steepest drop occurred within 5 minutes after 9:55 UTC, and the price of Bitcoin fell 1.9% in a short period of time. Looking back at the total of 105,127 five-minute K-line charts on the Binance platform over the past year, only 10 fell more than this event, which clearly points to the spiral decline caused by forced liquidation.
Traders who borrow long on Bitcoin are forced to close their positions after the price falls below the threshold. Each forced sell-off further depresses the price, creating a vicious cycle. As a high-beta asset, Ethereum (ETH) bore the brunt, and its price on Binance plummeted 6.9% between 9:50 and 9:55 UTC, almost three times the 2.4% drop of Bitcoin over the same period. Bitcoin's price recovered slightly to $74,224 on Monday morning, down 0.8% from the previous day, but the market is still shrouded in shadows.
Looking at the in-depth technical review, Bitcoin's weekly K-line closed at $74,851, below the opening price of $78,354, and below the 50-week simple moving average (current value is $75,535). This is the first time since September 7 that Bitcoin has closed its weekly price below this moving average. Historical data shows that in Binance's weekly data since August 2017, there have only been three consecutive weeks of decline for five or more weeks, and in these three cases, the price lows all occurred within 12 weeks after the fifth week of decline, not when the decline occurred.
Currently, the price of Bitcoin recovered to $75,735 within two hours of bottoming, then fell back to $74,224, slightly higher than the previous low of about 1%. On the 4-hour period chart, Bitcoin is trading below the 50-period exponential moving average ($76,845) and the 200-period exponential moving average ($79,444). The 'Fear and Greed Index' reading, which measures market sentiment, is 29, in the fear range. Analyst Ash Crypto pointed out on November 9, 2026, that if the bulls can push back above the 50-week EMA, it may be a false breakout; otherwise, the risk will increase. Alex, a veteran trader, has seven years of experience. Since entering the market in 2017, he has focused on identifying high volatility markets. He believes that the current market is at a critical technical game point, and the future trend will depend on ETF capital flow and whether bulls can effectively recover lost ground.