Bitcoin Slides Below 200-Day Moving Average as Demand Evaporates

Bitcoin dropped to a precarious level on Wednesday after US consumer price data came in above expectations. The cryptocurrency slipped beneath its 200-day moving average of $73,100, a level that had served as a key support threshold.

The move signals that buying interest in the market is deteriorating at a rapid pace.

The same average helped fuel Bitcoin's rebound in August, which eventually took prices to $87,400 in September. Since then, roughly 16.5% of that peak has been erased.

Why Are Bitcoin Buyers Disappearing?

The more troubling sign is that capital appears to be flowing out of the crypto sector.

Based on data from CryptoQuant, the market capitalisation of Tether's USDT has dropped by $6.6 billion in the last 60 days. That contraction is more than double the decline observed after the FTX collapse in 2022.

Stablecoins such as USDT provide liquidity that traders can deploy to purchase cryptocurrencies. A shrinking supply can indicate reduced purchasing capacity, though some funds may have migrated to other stablecoins.

Institutional appetite is also weakening. US spot Bitcoin ETFs saw net outflows of $1.28 billion last week, followed by roughly $201 million on Monday.

Glassnode's ETF analysis points to ongoing selling pressure.

How Low Could Bitcoin Go?

The coming days may determine whether Bitcoin is headed for a more substantial downturn.

The important price thresholds are as follows:

• $73,100: The 200-day moving average. A daily close back above it would relieve immediate pressure.
• $72,165: The next crucial support. A loss of this level could open the door to $68,000.
• $66,200–$67,300: A former resistance area that might draw in buyers.
• $62,750: The August low and a deeper downside target.

Analyst CryptoKid sees limited buying interest before $66,700, though he remains optimistic about Bitcoin's long-term outlook.

There is absolutely no demand for Bitcoin between roughly $73,500 and $66,700.

$73,500 happens to be the 200-day moving average, which is the good news. As long as we stay above that level, BTC should be fine. But losing it could drag the price down another 9.5%.

What am I…

— Crypto Kid (@CryptoKid) November 10, 2026

Bitcoin's RSI is hovering near 33, indicating that the market is approaching oversold territory. This could pave the way for a bounce.

But unless ETF demand stabilises and market liquidity improves, any recovery might prove short-lived.