Bitcoin Breaks Below 200-Day Moving Average, USDT Market Cap Drops $6.6 Billion Over 60 Days

On November 11, according to BeInCrypto, Bitcoin fell below its 200-day moving average at approximately $73,100, with weakening market liquidity and institutional demand.

The report cites CryptoQuant data showing that the USDT market capitalization has decreased by $6.6 billion over the past 60 days, a decline exceeding twice the contraction observed during the same period following the 2022 FTX collapse. U.S. spot Bitcoin ETFs recorded net outflows of $1.28 billion last week, with an additional net outflow of approximately $201 million on Monday.

The report notes that if Bitcoin's daily chart reclaims the 200-day moving average, short-term pressure may ease; however, if it breaks below the $72,165 support level, it could test $68,000.