Bitcoin is under renewed selling pressure as institutional outflows and fading derivatives activity deepen its bearish momentum. The latest decline has pushed the asset below a key technical level, raising questions over whether buyers can avert a deeper correction.

As of press time, Bitcoin (BTC) is changing hands at $68,893.42, a 3.59% decline on the daily chart. The drop coincides with sustained spot ETF outflows, shrinking open interest, and heightened liquidation activity — a combination that signals mounting caution across the market. Below is a closer look at the forces behind the pullback and the levels traders are watching.

Why Is Bitcoin Under Heavy Selling Pressure?

Bitcoin's recent slide reflects strain in both the spot and derivatives markets. According to SoSoValue data, US spot Bitcoin ETFs saw $284 million in net outflows on November 12, following withdrawals of $299.90 million on November 11 and $95 million on November 10.

US spot Bitcoin ETFs began trading in January 2024 and have since become a widely tracked gauge of institutional demand for the asset, with their daily flow reports followed across the industry. These back-to-back outflows point to softening demand for Bitcoin exposure through regulated investment products. Cumulative net ETF inflows now total $54.82 billion, while total net assets have fallen to $89.56 billion.

The ongoing withdrawals are weighing on an already fragile market, as investors rethink their exposure to the asset amid the correction.

What Do the Charts Say About Bitcoin's Price?

According to TradingView data, Bitcoin is trading beneath its 20-day Simple Moving Average (SMA) of $76,740.63 and below the lower Bollinger Band at $70,498.80. The upper band sits at $82,982.46, underscoring how far the current price has drifted from its recent trading range. The 20-day SMA averages closing prices over roughly the past month of trading, while Bollinger Bands are volatility bands plotted around that average, with closes beyond the band edges conventionally read as statistically stretched price conditions.

The Relative Strength Index (RSI) has dropped to 25.26, moving into oversold territory. The RSI is a momentum oscillator scaled from 0 to 100, with readings below the conventional 30 threshold classed as oversold. The reading points to heavy selling pressure, although an oversold condition does not necessarily mean an immediate price rebound is imminent.

Bitcoin's daily low of $67,568 is a key level worth watching. A lasting drop below this zone could leave BTC open to additional losses, while a climb back above $70,498 could offer the first sign that momentum is improving.

How Are Liquidations Shaping Market Conditions?

CoinGlass data indicates that Bitcoin's 90-day liquidation record contains multiple notable liquidation spikes, with considerable activity occurring in November. Aggregated across major derivatives venues, such records offer a market-wide view of where leverage is under stress.

Long liquidations take place when leveraged bullish positions are automatically closed once prices fall beneath the margin levels required. Such forced closures can heighten selling pressure and accelerate market downturns.

The same record also charts short liquidations, which occur when leveraged bearish positions are forcibly closed as prices rise. The presence of both types of liquidation highlights the volatility affecting Bitcoin derivatives traders.

Why Is Bitcoin Open Interest Falling?

CoinGlass data likewise reveals a sizeable drop in Bitcoin open interest. The metric has fallen from above $60 billion in late September to roughly $47 billion in November.

The decline alongside falling prices suggests traders are reducing their overall derivatives exposure. Because open interest measures outstanding contracts rather than market direction, the drop alone cannot confirm whether bullish or bearish positions are being closed.

The trend points to diminished speculative participation and reduced activity in leveraged markets, potentially limiting the strength of short-term price movements.

What Does Anthony Pompliano's Comment Suggest?

Bitcoin's latest correction has also attracted attention from market commentator Anthony Pompliano. In a post on X, he highlighted the decline, stating, "Bitcoin is falling to prices we haven't seen since…..3 months ago." He also commented, "AI and bitcoin are one big trade now."

His remarks offer a broader perspective on the relationship between Bitcoin and emerging technology investments. While the comments do not provide a direct explanation for the current sell-off, they reflect the wider market conversation surrounding Bitcoin's position in the evolving investment landscape.

Oh no! Bitcoin is falling to prices we haven't seen since…..3 months ago. Everyone relax, so you can realize that AI and bitcoin are one big trade now.

— Anthony Pompliano 🌪 (@APompliano) November 13, 2026

Can Bitcoin Recover From $68K?

Bitcoin's near-term prospects hinge on whether buyers can hold the $67,568 daily low and push the price back above the $70,498 lower Bollinger Band. A rise past the $76,740 moving average would offer firmer evidence that momentum is improving. Away from the charts, upcoming daily ETF flow reports and any turn in open interest would offer additional checkpoints on whether institutional demand and derivatives participation are stabilizing.

At present, ETF outflows, shrinking open interest, and liquidation pressure continue to create difficult conditions for BTC buyers.

Cryptocurrency markets remain highly volatile, so traders ought to watch price action, market sentiment, and upcoming catalysts before making investment decisions.

This article contains market analysis and price projections. These are not guarantees. Crypto markets are volatile. Always do your own research. This is not financial advice.