Bitcoin Slips Below $69K as It Tests the 200-Week Moving Average

Bitcoin has dropped under $69,000 to touch a three-month low, recording a steep decline of more than 7% over the last two days at the time of writing. The wider cryptocurrency market has also experienced a significant slump, with the global market capitalization shedding more than 9% over the past week. Figures from Coinglass indicate that 24-hour long liquidations across the digital asset market have hit $1.31 billion.

Bitcoin is Trading Well Below its Bull Market Support Band

Bitcoin’s bull market support band functions as a key weekly chart metric comprising two tracks: the 20-week simple moving average and the 21-week exponential moving average. Technical analysts and traders closely monitor the distance between these levels. During bull runs, Bitcoin typically maintains its position above the band or relies on it for support during pullbacks. Slipping beneath this band usually signals that the prevailing trend or momentum has faltered.

After testing the band as support in early November, BTC has dropped considerably lower following an accelerated selloff. The support band currently ranges between $73,570 and $76,530, and market participants will monitor this zone as overhead resistance should Bitcoin attempt a recovery rally.

ETF Investors Kept Pulling Money All Month

Data compiled by SoSoValue reveals that Bitcoin ETF outflows for the month have already reached -$1.88 billion. U.S. spot Bitcoin exchange-traded funds recorded net outflows on seven out of the first eight trading days in November. The velocity of these redemptions has picked up notably in recent sessions, with approximately $1.44 billion exiting the funds over the last five sessions—including $299.9 million on November 11. Total net assets declined from $102.26 billion on November 4 down to $93.70 billion.

The AI Sell-off is Dragging Bitcoin Along

November 5 marked the heaviest outflow day of the month, with $430.2 million leaving the ETFs. During that same trading session, the Nasdaq plummeted 5.52% for its worst performance since April 2025, Nvidia shed roughly 9%, and Bitcoin pulled back below $76,000.

For the majority of 2026, Bitcoin has moved in tandem with artificial intelligence-focused technology stocks. This correlation is reinforced by miners, many of whom have liquidated BTC holdings to finance AI data center expansions. On November 12, Nvidia’s board announced the immediate resignation of CEO Jensen Huang. This announcement hit an already struggling sector, and the prevailing risk-off sentiment spilled directly into the cryptocurrency market.

Hot Inflation Brings a December Hike Into Play

Core CPI increased by 0.3%, surpassing the predicted 0.2%. In response, Federal Reserve Governor Christopher Waller raised the possibility of a half-point interest rate hike, sending Treasury yields past 5%. Higher yields increase the opportunity cost of holding non-yielding assets like bitcoin, prompting traders to price in this risk ahead of the Fed meeting scheduled for December 8-9.

All Eyes Are on the 200-Week Moving Average

BTC is currently trading just above its 200-week simple moving average, situated near $67,990. Few long-term technical levels hold as much significance for bitcoin. The 200-week MA defined cyclical bottom regions in 2015, 2018–2019, and 2020, and bitcoin previously bounced off this indicator earlier in the year. Historically, long-term investors have viewed tests of this line as attractive entry points.

However, this level has failed to hold in the past. In 2022, bitcoin spent multiple months trading below the 200-week moving average before eventually establishing a bottom.

A weekly close above this benchmark would preserve long-term support. Conversely, a decisive breakdown below it would open the door to a deeper correction, with the upcoming December Federal Reserve meeting less than four weeks away.

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