Bitcoin (BTC) Slides Below $73K After 284,000 BTC of Demand Vanishes

AI Selloff and Rate Odds Drove the Slide

Bitcoin (BTC) price has lost 8.55% over the past seven days, and the coin stood at $73,752 at 11:16 UTC on Thursday before easing another 0.6% to $72,969. That second step matters: it leaves the market just under the $73,000 line that on-chain research treats as the decisive floor for the week, after sellers had already erased the coin's November recovery. The slide traces to a cluster of pressures arriving at once. Selling in AI-linked equities drained appetite for risk, and markets raised the odds that the Federal Reserve (Fed) tightens rather than cuts. A security breach at Binance, United States midterm elections and October consumer price data that ran hotter than expected on Tuesday added to the load, and the combined drag pulled Bitcoin (BTC) down with the broader risk complex. Sentiment gauges deteriorated in step. CryptoQuant's Bull Score, a composite of on-chain demand signals, fell from 90 on 2026-10-13 to zero, the sharpest such collapse since April 2025. Underlying appetite thinned with it: apparent Bitcoin demand contracted by 284,000 BTC over the past 30 days.

The outflow pressure ran through funds as well, with spot exchange-traded products logging a fifth straight day of outflows, a run we covered in Bitcoin ETF outflows reaching $299.8 million . COINOTAG's composite support and resistance scoring, which rates each level from 0 to 100 on the indicators that converge there, places the strongest floor well beneath the market at $71,843, scored 92 out of 100, with the first firm ceiling at $74,649, scored 87. The trend reads as a downtrend, and the relative strength index sits at 32.52. Positioning leans the other way: funding, the periodic fee exchanged between long and short holders in the perpetual contract trading market, sits at a near-neutral 0.0036%, and 76.5% of accounts in the derivatives aggregate, a long/short ratio of 3.26, still hold longs. The slide has cut Bitcoin's market cap to roughly $1.47 trillion. A daily close below the $71,843 floor would be the reading that changes this picture. Our technical analysis updates these levels as they shift.

Local Bottom or Deeper Correction?

On-chain research frames the next question as a contest between two bodies of evidence. The case for a local low rests on repetition. CryptoQuant notes the 284,000 Bitcoin (BTC) demand contraction surfaced just before short-term lows in March 2025 and again between June and July 2026, and the Bull Score's last comparable collapse only reached 20 in April 2025 before the market bottomed and the gauge recovered to 80 within two months. Today's zero print sits below even that trough. Glassnode adds that the decline has cleared most nearby long liquidation clusters, and that since 2026-11-05 buy orders near the market price on Binance and Coinbase have exceeded sell orders in almost every hourly reading, as the firm set out in a post on X . open interest has fallen back to its September level as prices dropped, which the firm reads as fresh short positions that any rebound could force to buy back. The opposite case starts with demand itself. The Coinbase Premium Index has been negative for 30 straight sessions, and the discount in United States trading is the deepest since February. Fresh capital is leaving too: stablecoin supply contracted $14.2 billion over 30 days, the fastest pace since June 2022, as our report on the 30-day stablecoin drain set out. Only about 35% of coins held by short-term owners are in profit, trader margins sit at -6%, and the Analyst Consensus Index slid from -1.0 to -1.8 standard deviations in seven days, a shift CryptoQuant laid out in a post on X on 2026-11-11. The two camps meet at specific prices. Above, Glassnode places the short-term holder cost basis at $75,600 and CryptoQuant's 365-day moving average at $76,400, levels the market must reclaim for a bullish setup to return. Below, the 200-day average at $73,200 separates a shallow correction from a deepening one, with $73,000 as the immediate floor and a close under the June low of $58,500 voiding the trend reversal that began in August. The bottom case therefore holds only while those lines keep standing: a sustained break beneath $73,000 would shift the weight of evidence toward a longer consolidation phase.

@glassnode · X post

A post on X.

View on X