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

Bitcoin has dipped below $69,000, reaching its lowest level in three months. At the time of writing Bitcoin has witnessed a sharp selloff of more than 7% over the past two days. The broader crypto market has also seen a notable downturn with the total crypto market cap now falling by over 9% this past week. Coinglass data shows that 24 hour long liquidations across crypto have reached $1.31 billion. 

Bitcoin is Trading Well Below its Bull Market Support Band

Bitcoin’s bull market support band is a useful weekly chart indicator which shows two lines, the 20-week simple moving average and the 21-week exponential moving average. Traders and technical analysts keep a close eye on the gap between them. In bullish uptrends, Bitcoin tends to hold above the band or use it as support during a pullback. When prices break below this band, the momentum or trend has usually lost its footing. 

BTC tested the band as support in early November. It has since fallen well below this range after an accelerated selloff. The support band now sits between $73,570 and $76,530 and traders will now be closely watching this area as overhead resistance if BTC were to stage a recovery rally. 

ETF Investors Kept Pulling Money All Month

So far this month, Bitcoin ETF outflows have already reached -$1.88 billion, according to data from SoSoValue. U.S. spot Bitcoin ETFs posted net outflows seven out of the eight trading days so far in November. The pace of these outflows have especially accelerated over the past few trading sessions. Roughly $1.44 billion left the funds over the last five sessions, including $299.9 million on November 11. Total net assets fell from $102.26 billion on Nov. 4 to $93.70 billion. 

The AI Sell-off is Dragging Bitcoin Along

The heaviest outflow day of the month came on November 5, when $430.2 million exited the ETFs. In that same session, the Nasdaq dropped 5.52%, its worst day since April 2025. Nvidia lost about 9% and Bitcoin slid below $76,000.

Bitcoin has traded in step with AI-heavy tech stocks for most of 2026. Miners are a big part of that link, since many have sold BTC to fund AI data center buildouts. On November 12, Nvidia’s board announced that Jensen Huang had resigned as CEO, effective immediately. The news landed on a sector that was already bleeding, and the risk-off mood carried straight into crypto.

Hot Inflation Brings a December Hike Into Play

Core CPI rose 0.3%, ahead of the 0.2% forecast. Fed Governor Christopher Waller responded by putting a half-point hike on the table, and Treasury yields pushed above 5%. Higher yields make a non-yielding asset like bitcoin harder to hold, and traders have started pricing that risk ahead of the Fed’s Dec. 8-9 meeting.

All Eyes Are on the 200-Week Moving Average

BTC is now trading just above its 200-week simple moving average, which sits near $67,990. Few long-term levels carry as much weight for bitcoin. The 200-week MA marked zones near the bottom of the 2015, 2018-19 and 2020 cycles, and bitcoin bounced off it earlier this year. Long-term buyers have often treated a visit to this line as an entry point.

It has failed before, though. In 2022, bitcoin spent months trading below the 200-week MA before it found a bottom.

A weekly close above the line would keep long-term support intact. If price breaks cleanly below it, a deeper correction comes into view with the December Fed meeting less than four weeks away.

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