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The cryptocurrency market has continued its poor performance in November as Bitcoin failed to overcome the $107K resistance level earlier this week.

The selling pressure that followed has seen Bitcoin drop below $97K for the first time since May.

With the bears currently in control, Bitcoin could test lower support levels in the near term. 

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red zone after correcting more than 5%, 10% and 2%, respectively.

Bitcoin has slipped below the $97K level for the first time since May, while ETH and XRP have faced rejection at their resistance levels, indicating that the bears remain firmly in control and that a deeper correction may be underway.

The bearish performance comes as US spot bitcoin exchange-traded funds (ETFs) reported $869.9 million in net outflows on Thursday, marking their second-largest outflows on record.

Data obtained from SoSoValue revealed that Grayscale’s Bitcoin Mini Trust recorded an outflow of $318.2 million on Thursday.

It was followed by BlockRock’s IBIT, with investors pulling out $256.6 million from the fund.

Fidelity’s FBTC saw $119.9 million leave the fund, while Grayscale’s GBTC and ETFs from Ark and 21Shares, Bitwise, VanEck, Invesco, Valkyrie, and Franklin Templeton, all posted net outflows.

Yesterday’s outflow was the second-largest in history, after the $1.14 billion outflow recorded on February 25. While speaking to The Block, Vincent Liu, CIO of Kronos Research, commented that:

Large outflows signal a risk-off reset, reflecting institutions pulling back amid macro noise. This flow weighs on short-term momentum but doesn’t dent the broader structural demand. These bleed-outs align with oversold conditions, opening doors for long-term opportunists.

With institutional demand in Bitcoin-related products declining, Bitcoin’s price could face a further downward trend. 

The BTC/USD daily chart remains bearish and efficient as Bitcoin has failed to rally in recent weeks.

Bitcoin faced a rejection at the 38.20% Fibonacci retracement level at $106,453 earlier this week and has lost over 7% of its value since then. At press time, Bitcoin is trading at $96,800. 

The daily Relative Strength Index (RSI) of 39, below its neutral level of 50, indicating strong bearish momentum.

The Moving Average Convergence Divergence also showed a bearish crossover, indicating that sellers are currently in control.

If the correction continues and the daily candle closes below $97,460, it could decline further towards the key psychological level at $95,000. An extended bearish trend could see BTC retest the $93k low. 

On the other hand, if Bitcoin recovers from the recent slump, it could rally towards the 

38.20% Fibonacci retracement at $106,453. The $110k level remains a strong near-term resistance point.

The post Bitcoin could retest $93K amid declining institutional demand; check forecast appeared first on Invezz

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