Bitcoin Drops Below $74,000 as It Loses Its 50-Week Average Amid $1.15B in Liquidations
BTC fell to a two-month low early Monday after closing Sunday below a trendline it had held for seven straight weeks, as ETF outflows and a wave of long liquidations compounded a shaky weekend for crypto.
Bitcoin briefly fell below $74,000 Monday morning, touching $73,650 at one point — its lowest level in two months — after closing Sunday below its 50-week moving average for the first time in roughly eight weeks, according to The Block. Ether dropped 5.6% and XRP 6.3% over the same 24-hour window, with XRP the hardest-hit major token, while total crypto liquidations topped $1.15 billion, data provider CoinGlass showed, with longs accounting for roughly 90% of that total.
A Technical Level With a Track Record
Bitcoin first reclaimed its 50-week moving average on September 20 and had held above it for seven consecutive weeks before Sunday’s close pushed it back below, Galaxy Research’s Alex Thorn noted, putting the average itself at roughly $75,488. Thorn pointed to history as a reason for caution: in the 2011-2012 bear-market recovery, Bitcoin spent another 20 weeks below the line and fell as much as 35% further beneath it, while in 2019-2020 it dipped below the average five separate times, including an eight-week stretch during the Covid crash. In both prior cycles, the earlier bear-market low ultimately held on a weekly closing basis. Thorn cautioned that his own October view that “the bottom is in” would still hold if Bitcoin reclaims the 50-week average within a month, while acknowledging that “the bottom is only known in hindsight.” Separately, crypto analyst Ted Pillows warned that failure to reclaim the average could leave Bitcoin “vulnerable to a drop toward $70,000.”
ETF Outflows and a Weekend Liquidation Wave
U.S. spot Bitcoin ETFs saw $1.28 billion in net outflows for the week ended November 7, the largest weekly outflow since late June, with the 12 tracked funds losing money on four of five trading days, per The Block. BlackRock’s IBIT alone shed $403 million on Friday, and the combined year-to-date flow for U.S. spot Bitcoin ETFs has now turned negative, down $914.1 million. That selling pressure compounded a rough weekend for leveraged traders: of the roughly 167,000 positions liquidated across crypto markets in 24 hours, Ether accounted for more than $500 million and Bitcoin around $309 million, with the single largest order a $48.2 million ETH-USDT long on Binance. Michael van de Poppe of MN Fund called the $75,000 level “an important near-term threshold” and noted Bitcoin “had held up relatively well so far” relative to equities.
A Backdrop of Broader Market Uncertainty
Crypto traded through the weekend while U.S. equity markets were closed, against a backdrop of unrelated headlines that added to the uneasy mood rather than directly explaining the selloff: reports that Nvidia’s board is investigating CEO Jensen Huang over an alleged relationship with a suspected Chinese spy, and Secretary of State Marco Rubio’s comments that U.S.-Iran negotiations had stalled over what he called “outrageous” Iranian demands. Neither story has been tied directly to the crypto move, but both were cited as part of the broader risk-off tone weighing on sentiment heading into the new week.
Why It Matters
Bitcoin’s slip below its 50-week average is the kind of technical break that crypto traders watch closely for cycle-turn signals, and the combination of ETF outflows and heavy long liquidations shows how quickly sentiment can sour after a stretch of calm. For miners and crypto-infrastructure names like the ones FactSheets tracks on its Big Digital Energy (BGDE) fact sheet, a weaker Bitcoin price directly affects mining economics. See FactSheets’ coverage of Bitcoin’s short-squeeze rally back above $80,000 earlier this month for how quickly the picture can flip, browse the full roster of covered names on the Stock Fact Sheets hub, and follow ongoing coverage on FactSheets’ Crypto and Market categories.
This article is for informational purposes only and does not constitute investment advice. Cryptocurrency prices are highly volatile and figures cited above reflect levels reported the morning of November 9, 2026, which are subject to rapid change; always do your own research or consult a licensed financial advisor before making investment decisions.
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