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Bitcoin price prediction remained bearish on Nov. 10 as BTC struggled below $75,000. The cryptocurrency faced pressure from weak technical indicators and continued exchange-traded fund (ETF) withdrawals.
Bitcoin traded near $74,718 during an early Nov. 10 market snapshot. U.S. spot Bitcoin ETFs had recorded approximately $1.48 billion in November net withdrawals.
However, the latest ETF figures remained preliminary. Analysts also monitored $72,600 as a potential downside reference.
Crypto Fear and Greed Index Has Dropped to the Fear Zone
Bitcoin has slumped as investors became highly fearful in the markets. Data shows that the Crypto Fear and Greed Index dropped to the fear zone of 28, down from the greed zone of 82. It has dropped to the lowest level since July this year.
The Crypto and Fear and Greed Index is a popular gauge used to gauge sentiment in the industry. It looks at the price momentum of Bitcoin and other altcoins, market volatility, derivatives market activity, market composition, and other data.
In most cases, Bitcoin tends to do well when the index is rising and falls when the index is in a downward trend.
The fear has escalated in the past few days after the US midterm elections, in which Democrats won by a landslide. They won the House of Representatives, the Senate, and governorships in many states.
The implication is that the cryptocurrency industry could face more scrutiny after the early part of President Donald Trump’s term. For example, Congress is likely to introduce more crypto regulations, while the CLARITY Act is unlikely to pass.
Spot Bitcoin ETF Outflows Have Jumped
Meanwhile, American investors have continued to sell their ETFs. Data shows that spot Bitcoin ETFs shed over $201 million on Monday, after losing $411 million on Friday. In total, these funds have lost over $1.4 billion this month, more than double the $515 million they lost in October. Before that, the funds added over $2.65 billion in September and $3.52 billion in August.
Bitcoin ETF outflows have risen due to ongoing market fear. In addition to the midterm election, there are also concerns about the Federal Reserve.
A report released last week showed that the US created 165,000 jobs last month, much higher than the expected 65k. The report was much higher than the 60k that were created in the previous month.
These jobs numbers raised the probability that the Federal Reserve will hike interest rates in the December meeting. It has already raised rates by 0.25% this year, and economists expect the bank to raise rates again in December. Odds of a rate hike have jumped to over 80% on Polymarket and Kalshi.
The next important catalyst for Bitcoin price will be the upcoming US Consumer Price Index (CPI) report on Tuesday. Economists expect the data to show that consumer inflation dropped in October as gasoline and diesel prices fell. A weaker inflation report will lower the possibility of the Fed hiking rates.
Bitcoin Price Prediction: Technical Analysis
The daily chart shows that the BTC price has dropped in the past few weeks. It has dropped from a high of $87,365 in September to the current $74,592. The coin has slumped below the 38.2% Fibonacci Retracement level.
The coin has slumped below the 50-day Exponential Moving Average (EMA), while the Percentage Price Oscillator (PPO) has moved below the zero line. Therefore, there is a risk that Bitcoin will continue to fall, potentially reaching the $72,600 support level, which coincides with the 50% retracement. A move above the $76,000 resistance level will invalidate the bearish outlook.
This article provides financial information, not investment advice. Bitcoin prices can fluctuate sharply, and technical forecasts remain uncertain. Readers should conduct independent research and consult qualified financial professionals before making investment decisions.
