Bitcoin Falls Below 200-Day Moving Average; USDT Market Cap Drops $6.6 Billion in 60 Days

TechFlow News, Nov. 11: According to BeInCrypto, Bitcoin has fallen below its 200-day moving average near $73,100 as market liquidity and institutional demand weaken.

The report cited CryptoQuant data showing that USDT's market cap has declined by $6.6 billion over the past 60 days, more than twice the contraction seen in the same period after the 2022 collapse of FTX. U.S. spot Bitcoin ETFs recorded net outflows of $1.28 billion last week and a further net outflow of about $201 million on Monday.

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

Source: TechFlow