Bitcoin price has remained stuck around $73,700 on November 12, struggling to recover from its recent selloff as weak institutional demand, persistent leverage and growing exchange inflows continue to weigh on the market.
Summary
- Bitcoin price remains near $73,700 as weak institutional demand prevents a sustained recovery above resistance.
- CryptoQuant warns Bitcoin’s latest correction has not produced the leverage reset seen in previous declines.
- Miner reserves have fallen to approximately 1.19 million BTC as exchange inflows reach nine-month highs.
- Bitcoin continues trading below its short-term moving averages, with the RSI approaching oversold territory.
- A break below $72,000 could expose $70,000, while recovering $75,565 would improve Bitcoin’s technical outlook.
According to crypto.news market data, Bitcoin traded near $73,710 at the time of reporting, little changed over 24 hours but down approximately 8.27% over the past week. BTC briefly recovered toward $74,700 on Wednesday before slipping back toward $73,300 overnight, leaving traders without a sustained move in either direction.
The cryptocurrency has struggled to attract buyers since falling below $80,000, while analysts warn that the latest correction may not have cleared enough leveraged positions to support a lasting recovery.
ETF outflows and inflation pressure Bitcoin price
Bitcoin’s recovery attempts have remained brief since the release of hotter-than-expected US inflation figures on November 10.
Consumer prices rose 0.4% in October, compared with economists’ expectations of 0.3%. The figures prompted traders to price in a higher probability of another Federal Reserve interest rate increase in December.
Higher borrowing costs can make investors less willing to hold risky assets, particularly when demand is already weakening.
Institutional buying has offered little relief. US spot Bitcoin ETFs recorded $95 million in net outflows on Tuesday, extending their losing streak to four consecutive sessions.
A November 11 Bitfinex market assessment found that nearly $2.22 billion had left US spot Bitcoin ETFs across eight sessions beginning October 30.
The report identified $75,717 as Bitcoin’s short-term holder cost basis, a level where recent buyers may look to sell after recovering their initial investments.
Bitfinex analysts said Bitcoin would need renewed spot buying and a sustained return of ETF inflows to support another recovery attempt.
Bitcoin’s leverage reset remains incomplete
Derivatives activity presents another obstacle to Bitcoin’s recovery, with traders continuing to build positions despite the decline in prices.
In a CryptoQuant analysis, analyst BaykusCharts compared the latest downturn with two previous Bitcoin corrections in 2026.
During February’s decline from $87,000 to $67,000, Binance BTC-USDT open interest fell from $9 billion to $5.5 billion. Approximately 20% of outstanding positions, measured in Bitcoin terms, disappeared within days.
Another liquidation wave occurred in June when open interest dropped from $8 billion to $6.1 billion, followed by Bitcoin’s yearly low near $59,000.
The current correction has followed a different pattern. Since mid-October, Bitcoin has declined from approximately $85,000 to $74,300, while Binance open interest fell from $9.4 billion to $7.2 billion.
However, the analyst estimated that only 12% of positions had closed in Bitcoin terms, with no comparable single-day liquidation event.
Funding rates have remained positive, suggesting traders continue opening leveraged long positions as prices fall.
Crypto trader Daan Crypto Trades raised a similar concern, observing that Bitcoin open interest measured in BTC had returned to levels last seen between 2021 and 2023.
“Keep in mind, this says nothing about which direction that squeeze should be in,” he wrote.
Daan said previous periods of elevated open interest frequently preceded substantial position closures, although the resulting price movements were not consistently bearish.
Bitcoin miners reduce reserves as exchange inflows rise
Selling concerns have extended beyond derivatives trading, with Bitcoin miners holding fewer coins and exchange deposits climbing.
CryptoQuant analyst Arab Chain reported that Bitcoin reserves held by miners had declined to approximately 1.19 million BTC, their lowest level since 2009.
The analyst noted that Bitcoin inflows to cryptocurrency exchanges reached a nine-month high, while Binance received approximately 2,000 BTC in one day.
Arab Chain suggested that miners could be transferring coins to obtain liquidity or cover operating expenses, although wallet movements do not establish that every transferred Bitcoin was sold.
Meanwhile, Bitcoin’s Bull Score Index fell to zero on November 11, according to CryptoQuant research head Julio Moreno.
“Our Bitcoin Bull Score is at 0, the most bearish it can be,” Moreno wrote.
Bitcoin price prediction: can BTC hold $73,500 support?
Bitcoin’s daily technical chart continues to show lower highs and lower lows following its failure to hold above $80,000.
At approximately $73,758, BTC remained below its 9-day moving average of $75,565.86 and 21-day moving average of $77,633.08.
The shorter moving average remains below the longer one, while the Relative Strength Index stood at 34.34, close to the oversold threshold of 30.
Immediate support sits around $73,500, followed by $72,000. A sustained move below $72,000 could expose the $70,000 psychological level.
On the upside, Bitcoin would need to recover $75,565 before challenging the next resistance near $77,633. The RSI has yet to confirm a bullish reversal, although its proximity to oversold territory leaves room for a temporary rebound.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
