Bitcoin fell 7.53% to $63,011.92 in the past 24 hours, broadly tracking a 7.6% decline across the crypto market. The primary driver was macroeconomic concern about tighter U.S. monetary policy. Hotter inflation and rising rate hike expectations weighed on risk assets, while ETF outflows and forced long liquidations added selling pressure. The evidence points to a market-wide move rather than a clearly visible Bitcoin-specific catalyst.
October inflation came in hotter than expected, and markets raised expectations for a December Fed rate increase. That backdrop can make volatile assets that do not pay yield less attractive. Bitcoin’s decline closely matched the broader market, which supports the view that broad crypto selling was a major part of the move.
U.S. spot Bitcoin ETFs recorded $185.4 million in net outflows on November 13, extending a seven-session outflow streak. Separately, Bitcoin saw $586.05 million in liquidations over 24 hours, including $537.77 million in long positions. These forced closures can add to selling as prices fall. Weaker fund demand and leveraged position closures likely intensified the downturn, though they do not alone explain its initial trigger.
Bitcoin is trading near the reported $59,500 to $62,600 liquidation cluster. If it holds above $62,600, selling pressure could ease. A sustained break below $59,500 risks triggering further liquidations. The next measurable near-term check is whether ETF flows improve when U.S. markets reopen on November 16, while the Fed decision is scheduled for December 8 to 9.
The market outlook remains one of bearish pressure. Macro rate concerns have coincided with broad market declines, while ETF outflows and long liquidations have added to Bitcoin’s selling pressure. The key watch is whether Bitcoin holds above $59,500 to $62,600 and whether ETF flows turn positive when trading resumes on November 16.
