Bitcoin traded between $73,600 and $73,800 on Thursday, November 12, struggling to sustain upward traction after a fleeting morning spike above $74,500 fizzled out. Institutional sellers dictated terms. Higher-than-projected US inflation data strengthened expectations of another Federal Reserve interest rate hike in December, draining liquidity from speculative assets and propping up the US dollar.
Ether followed the same defensive path, hovering cautiously around $2,050 while alternate tokens posted fragmented moves.
Institutional capital continues to flee the sector. Spot Bitcoin exchange-traded funds in the United States logged $1.58 billion in net outflows across the seven completed trading sessions through November 10, according to data cited by Vikram Subburaj, chief executive officer of crypto exchange Giottus. The bleeding did not stop there. In the latest fully reported session, Bitcoin funds shed another $95 million, while Ethereum investment vehicles clocked smaller net redemptions.
"Stronger US equity markets and lower volatility had provided some support to cryptocurrencies," said Nischal Shetty, founder of WazirX. "However, persistent inflation, a stronger dollar and ETF outflows continued to limit buying interest."
The price action has breached key cost parameters. Bitcoin now sits squarely beneath its short-term holder cost basis of $75,600—a technical benchmark that separates profitable swing traders from underwater positions.
Bitcoin's recovery remained fragile, with the cryptocurrency trading below its short-term holder cost basis of around $75,600." >
Vikram Subburaj, CEO, Giottus
Yet order books show countervailing forces at work beneath the surface. Blockchain tracking firm Glassnode registered accumulation by large-balance wallets during the recent slide, noted Riya Sehgal, research analyst at Delta Exchange. But those purchases faced immediate headwinds. Heavy deposits from whale wallets into centralized exchange order books confirmed that liquidations have not abated.
| Asset / Metric | Current Level | Primary Support | Immediate Resistance / Cost Basis |
|---|---|---|---|
| Bitcoin (BTC) | $73,600 – $73,800 | $73,000 – $73,300 ($72,000 secondary) | $75,000 – $75,700 (Cost basis: $75,600) |
| Ethereum (ETH) | ~$2,050 | $2,030 (Psychological: $2,000) | $2,100 – $2,150 |
| 7-Session Spot BTC ETF Flows | -$1.58 Billion | N/A | N/A |
| BTC Market Dominance |
Chart setups outline narrow battle lines for both major assets. Market analysts place immediate Bitcoin support between $73,000 and $73,300. A breach below that pocket exposes a secondary defensive zone near $72,000.
To repair the technical damage, buyers must force a decisive close above the $75,000 to $75,700 band. Subburaj identified reclaiming the $75,600 mark as mandatory for sustaining any broader market breakout.
For Ethereum, the immediate cushion rests at $2,030, with the round psychological barrier at $2,000 backing it up. Delta Exchange's Sehgal warned that Ethereum must preserve the $2,000 to $2,015 floor to prevent accelerated selling. Overhead supply sits between $2,100 and $2,150, according to Shetty.
Market Context: Capital remains crowded in defensive corners. Avinash Shekhar, co-founder and chief executive officer of Pi42, pointed out that Bitcoin's market dominance holds above 58%. The metric confirms that trading volume remains locked inside benchmark digital assets while broader market momentum languishes.
Traders now face a volatile technical crossroad. Prateek Gupta, head of business at Mudrex, highlighted the upcoming Bitcoin options expiry as an immediate catalyst that will dictate positioning. Facing interest rate shifts and erratic ETF flows, Subburaj advised market participants to avoid chasing brief rebounds, recommending staggered accumulation orders while maintaining minimal leverage.
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