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Bitcoin News Today: Bitcoin Faces Bearish Turning Point: SuperTrend Issues Sell Alert as $3B ETF Outflow Challenges $74K Support

Bitcoin News Today: Bitcoin Faces Bearish Turning Point: SuperTrend Issues Sell Alert as $3B ETF Outflow Challenges $74K Support

Bitget-RWA2025/11/19 22:22
By:Bitget-RWA

- Bitcoin faces bearish pressure as SuperTrend indicator signals weekly sell-off, with price near $93,400 and key $74,000 support under scrutiny. - $3B in November Bitcoin ETF outflows, led by BlackRock's IBIT, reflect institutional caution amid tightening liquidity and macroeconomic uncertainty. - Historical parallels to 2018/2022 bear markets suggest potential 77% drop to $32,000 if $74,000 support fails, exacerbated by extreme fear index readings. - Institutional buyers like Harvard and Mubadala maintai

Bitcoin is once again under downward pressure as a major technical signal and worsening sentiment in the market stoke concerns of a potential 77% plunge. The SuperTrend indicator, a popular tool for identifying market direction, has switched to a "sell" signal on Bitcoin’s weekly chart,

. Experts caution that the current conditions resemble previous breakdowns, with hovering near $93,400 after failing to reclaim the crucial $110,000 resistance. The shift in the indicator has , especially the $74,000 area, which could be pivotal in determining if prices fall toward the $32,000 mark.

Adding to the unease,

, its lowest reading since February 2025, indicating "extreme fear" among market participants. This index combines factors like volatility, trading activity, social sentiment, and Bitcoin’s market share, highlighting a bleak outlook for investor confidence. The severe reading from the index matches the SuperTrend’s bearish signal, prompting traders to remain cautious. "The current selloff is the result of profit-taking, institutional withdrawals, macroeconomic uncertainty, and the liquidation of leveraged positions," .

Bitcoin News Today: Bitcoin Faces Bearish Turning Point: SuperTrend Issues Sell Alert as $3B ETF Outflow Challenges $74K Support image 0
Bitcoin ETFs have also come under the spotlight during this downturn. , the largest spot Bitcoin ETF, saw a record $523 million withdrawn on November 19, marking its fifth consecutive day of outflows. In November, total outflows from US Bitcoin ETFs neared $3 billion, with . This wave of withdrawals reflects a broader sense of caution among institutions as liquidity tightens and confidence falters. "ETF redemptions, together with long-term holders selling, have driven short-term prices down," .

Past market cycles provide further evidence for the bearish outlook.

, with Bitcoin tumbling 84% and 77%, respectively. The current weekly chart reveals , a cluster of bearish candles, and a tightening pattern that suggests buyers are losing momentum. Analysts such as CryptoPatel have pointed out these parallels, warning that toward $32,000—a level that previously served as a demand zone in earlier cycles.

Traders are now focused on two key price points: resistance at $110,000 and support at $74,000. A strong rejection from the higher level could trigger more selling, while a break below the lower support may confirm a continued downtrend. Broader economic factors, including

, are also weighing on sentiment. "With persistent doubts about the strength of the US labor market and the odds of a December rate cut now barely above 50-50, there’s little in the macro environment to encourage bullishness," .

Bitcoin is now at a critical juncture. The combination of technical signals, sentiment data, and institutional moves suggests a strong likelihood of further losses. Market watchers are waiting to see if the $74,000 support will hold or if prices will challenge the $32,000 level—a move that could reshape Bitcoin’s short-term outlook.

Despite these headwinds, some major institutions remain optimistic.

during the third quarter, now holding $442.8 million in shares. before the latest downturn, signaling a long-term positive view on the asset. Still, these actions stand in contrast to the broader trend of outflows and caution, highlighting the market’s current vulnerability.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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