Bitcoin analysts see $60,000 risk after latest support break

What happened

Bitcoin broke below $68,000 for the first time in almost three months and then extended the slide below $67,000, CryptoPotato reported. Coinpedia said the asset later traded under $66,000, its weakest level since August, and was on course for a sixth straight weekly loss. The reports put the decline at more than 20% from October highs near $86,000, with a September peak close to $87,000 also in the rearview mirror.

CryptoPotato spoke with Martin Lee, market insights lead at DWF Labs, and Lacie Zhang, research lead at Bitget Wallet. Lee pointed to bitcoin's 50-week moving average near $75,000, which the asset was set to close below only eight weeks after reclaiming it. He said the September top near $87,000 left the price relatively close to another long-term technical level: the 200-week moving average around $68,000, which has repeatedly acted as a floor. Lee contrasted the setup with November 2025, when a loss of the 50-week average near $100,000 preceded a slide toward $60,000 before bitcoin reached comparable long-term support. He said a weekly failure at $68,000 could send the next major leg down toward $60,000.

Zhang linked the decline to macro risk aversion, persistent spot bitcoin ETF withdrawals, the unwinding of leveraged longs, weakness in technology stocks and the scandal around Nvidia. She also cited hotter-than-expected October inflation: headline prices rose 0.4% month over month against expectations of 0.3%, while core inflation exceeded forecasts. That lifted expectations for a December Federal Reserve rate hike. Once the $72,000-$73,000 region gave way, forced selling accelerated, with billions of dollars in liquidations on several occasions in the past week or so. Zhang identified $68,000 as immediate support, followed by $65,000 and $62,000 if selling continues, while agreeing that $60,000 was no longer out of the question.

Why it matters

The $68,000 area matters because it combines the 200-week moving average with a demand zone highlighted by Coinpedia. A sustained weekly close below that level would weaken the long-term technical backdrop and could expose the $60,000-$61,000 region. ETF flows add an institutional dimension: Coinpedia reported seven consecutive sessions of net outflows totaling about $1.91 billion, and it warned that continued redemptions could make a durable recovery harder to establish. The scale of leveraged liquidations also shows how quickly forced selling can amplify a decline when liquidity is thin.

What the data shows

Coinpedia reported that US spot bitcoin ETFs lost roughly $1.91 billion in net outflows between November 5 and November 13, including about $185.45 million on November 13. BlackRock's IBIT accounted for a significant portion of the withdrawals, though cumulative net inflows across US spot bitcoin ETFs remained above $54 billion and total net assets were around $86.2 billion. CryptoPotato cited on-chain data showing that 52.2% of newly opened crypto futures and perpetual positions in the past 24 hours were shorts, while 47.8% were longs; new bitcoin options activity was also tilted bearish, with puts at 53% of flows. Coinpedia said approximately $1.5 billion in leveraged crypto positions were liquidated over 24 hours, with bullish positions making up the overwhelming majority.

Background

Ten days before the latest break, bitcoin traded at $81,000, according to CryptoPotato, making the move below $68,000 a rapid reversal. The reports frame the current decline against November 2025, when bitcoin lost its 50-week moving average near $100,000 and eventually fell toward $60,000 before reaching comparable long-term support. This time, the rally topped out at $87,000 in September and around $86,000 in October, leaving the price less extended above the 50-week average before the reversal. The 50-week average now sits near $75,000, above the market, while the 200-week average around $68,000 has become the central battleground.

What is still unclear

The reports do not establish whether $68,000 will hold on a weekly close, which Lee treats as the key test. They also describe slightly different intraday lows, with CryptoPotato citing a move below $67,000 and Coinpedia reporting a drop below $66,000, reflecting fast-moving trading conditions. It also remains unclear whether spot ETF outflows will persist into another week, a factor Coinpedia said could determine whether buyers return.

What to watch

Market participants will focus on whether bitcoin can defend the $68,000 area on a weekly basis. Below that, the reports point to $65,000, $62,000 and the $60,000-$61,000 zone as levels to watch. On the upside, Coinpedia said bitcoin needs to reclaim $70,000 before a stronger recovery can take shape, with the $75,000-$77,000 region remaining a broader resistance zone. ETF flow data, expectations for Federal Reserve policy and weakness in technology shares, including the Nvidia scandal, are also part of the backdrop the reports identified.

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