Bitcoin fell to roughly $62,000 on Sunday, its weakest level in four months, as long liquidations and spot ETF outflows added to the pressure. The daily chart shows support near $62K and $59K, while ETF analyst Eric Balchunas expects a base in the $60,000s.
Bitcoin slipped below $65,000 on Saturday, down about 6% in a day. The drop extended a weeklong slide that began with the price above $74,000.
Then, on Sunday, Bitcoin dropped to approximately $62,080.91, according to CoinGecko data, its weakest price in four months. It later recovered above $65,000, but the coin remained down nearly 15% over the previous seven days.
Liquidations and ETF outflows add pressure
Leverage sharpened the fall. More than $1.2 billion in positions were liquidated over 24 hours, mostly bullish longs, according to CoinGlass data.
Funds also pulled money out. Spot bitcoin ETFs lost about $1.07 billion last week, SoSoValue data show, with outflows in all five sessions. Bitcoinist reported approximately $2.35 billion in combined net outflows over the two weeks ending November 13.
Sentiment weakened alongside prices. The Crypto Fear & Greed Index dropped to 10 on Sunday, down from 13 on Saturday and 20 on Friday.
Oversold, but sellers still lead
Bitcoin trades below both major moving averages. The 50-day average stands around $77K, and the 200-day average sits at about $76K.
The daily RSI has sunk to about 20, and readings under 30 count as oversold. Such readings often come before a relief bounce, but prices can stay stretched for days during a strong selloff.
On the daily chart, the nearest support sits around $62K, with the next floor near $59K. Overhead, the first serious resistance waits near $75K.
Balchunas sees a base in the $60,000s
Senior ETF analyst Eric Balchunas called the Nvidia-driven selloff the "280th nervous breakdown." He still expects a base to form somewhere in the $60,000s, though his near-term stance on Bitcoin is bearish and he gave no time frame.
The Fed adds another risk, because traders are weighing a rate hike widely expected on Dec 9. Holding the $62K floor would hint that redemptions are easing, while losing it would suggest the outflows still have room to run.
Sources: Crypto Daily, Bitcoinist, Crypto Daily
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