Bitcoin risks falling to $62,000 as Fed hike odds climb, risk appetite weakens: Bitget Wallet analyst

These conditions have weakened demand for non-yielding risk assets, she stated.

“Weakness in technology stocks has reinforced the broader de-risking move, and once Bitcoin lost the $72,000-$73,000 area, forced liquidations accelerated the decline,” Zhang noted.

“For Bitcoin, $68,000 is the immediate support level, followed by $65,000-$66,000. A decisive break below that zone could expose $62,000-$63,000. On the upside, $72,000-$74,000 is now the first resistance area,” she added.

The drop set off $1.6 billion in liquidations over the past day, affecting 185,172 traders, according to CoinGlass data. Binance accounted for the largest share of liquidations at above 35%.

Bullish traders were hit hardest. Long liquidations made up approximately $1.5 billion, or 89.5% of the daily total, while shorts accounted for $170 million, or 10.5%.

The sell-off pulled the rest of the market lower. Ether lost the $2,000 level, and total crypto market capitalization fell close to 4% to $2.4 trillion.

Among the top 100 coins by market cap, Bitway was the worst performer over the past 24 hours, down about 12%, per CoinGecko. Gate fell 12%, and Stacks and Midnight each lost about 10%.

Persistent ETF outflows

On institutional demand, US-listed spot Bitcoin ETFs were on track for their sixth consecutive trading day of net outflows on Thursday, following approximately $1.4 billion in withdrawals between November 5 and November 11, according to data tracked by Farside Investors. BlackRock’s IBIT alone accounted for more than $1 billion in net outflows over that period.