Key takeaways
- Bitcoin breaks $72,000 as leveraged selling accelerates
- BTC long liquidations exceed $265 million daily
- BlackRock ETF withdrawals and inflation deepen market pressure
Bitcoin (BTC) plunged below $72,000 on November 12, falling toward $71,200 as leveraged long liquidations accelerated and institutional investors continued withdrawing money from US spot Bitcoin exchange-traded funds.
According to CoinGlass derivatives data, Bitcoin traded near $71,450, down approximately 2.9% over 24 hours. The cryptocurrency reached an intraday low around $71,218, extending a correction that has pushed its monthly decline to approximately 14%.
The latest breakdown follows an earlier Bitcoin support warning, when analysts identified $72,000 as a critical threshold that could expose the psychologically important $70,000 level.
Bitcoin Long Liquidations Accelerate as BTC Breaks $72K
Bitcoin's decline has triggered another wave of forced position closures across cryptocurrency derivatives markets.
CoinGlass reported approximately $304.5 million in Bitcoin futures liquidations over 24 hours, with leveraged longs accounting for nearly 87%, or $265.8 million.
Long liquidations occur when declining prices exhaust the collateral backing leveraged bullish positions, forcing exchanges to close those trades.
This can increase selling pressure and accelerate downward moves, particularly when large concentrations of positions are liquidated around similar prices.
Bitcoin futures open interest remained near $51.1 billion despite the decline, suggesting considerable derivatives exposure was still outstanding.
The selling follows earlier massive long liquidations that weakened Bitcoin's recovery attempts during November's opening sessions.
However, high open interest alone does not guarantee another liquidation cascade. The market's direction also depends on spot demand, available liquidity and how quickly leveraged traders reduce their exposure.
Bitcoin ETF Outflows Reach $300M as BlackRock Leads Selling
Institutional fund withdrawals have created another obstacle to Bitcoin's recovery.
According to Farside Investors, US spot Bitcoin ETFs recorded $299.8 million in net outflows on November 11, marking their fifth consecutive trading session of withdrawals.
BlackRock's iShares Bitcoin Trust accounted for $269.7 million, while Grayscale's GBTC recorded $39.1 million in outflows. Morgan Stanley's MSBT partially offset the selling with $9 million in inflows.
The latest withdrawals extend the recent Bitcoin ETF exodus, which had already pressured prices before Thursday's breakdown.
Across November 5–11, net withdrawals totaled approximately $1.44 billion.
The selling follows an earlier $1.3 billion weekly withdrawal, highlighting persistent weakness in institutional demand.
Meanwhile, the US Bureau of Labor Statistics reported that consumer prices increased 0.4% in October, reinforcing concerns that the Federal Reserve could maintain tighter monetary conditions.
Higher interest-rate expectations can pressure Bitcoin by increasing the relative appeal of yield-bearing assets and weakening demand for speculative investments.
Bitcoin Price Prediction: Is $70,000 Next?
Bitcoin's immediate outlook has deteriorated following the loss of $72,000 support.
The intraday low near $71,200 provides an initial reference for buyers. A sustained breakdown below that area could expose $70,000, followed by $68,000–$69,000 if selling intensifies.
However, these levels represent conditional downside scenarios rather than confirmed price targets.
A recovery above $72,000 would be the first sign of stabilization, although BTC would still need to reclaim $73,000–$74,000 before challenging stronger resistance near $75,500.
The latest decline confirms the downside risk outlined in an earlier Bitcoin price prediction, which identified $72,000 as a potential target if market conditions deteriorated.
