bitcoin price plunges to 73708 on november 8:30
Bitcoin’s price plunged to a low of $73,708 on Sunday, November 8, 2026, marking its lowest point since August and triggering a cascade of crypto liquidations totaling over $855 million within 24 hours. This sharp downturn was driven by a confluence of factors, including substantial institutional withdrawals from U.S.
spot Bitcoin exchange-traded funds (ETFs) and a widespread sell-off across risk assets. Investors are now awaiting the October U.S. Consumer Price Index report, scheduled for November 10 at 8:30 a.m. Eastern Time, as the cryptocurrency struggles to find stable ground.
Bitcoin price plunges amid sharp decline
The sudden volatility caught many traders off guard. More than 140,000 individuals saw their leveraged positions forcibly closed, with long positions—bets on rising prices—accounting for a dominant 90.2% of the losses. This aggressive deleveraging added considerable downward pressure, pushing Bitcoin further below critical support levels and shaking investor confidence, particularly as policymakers continue to debate the future direction of crypto regulation.
The cryptocurrency market experienced intense pressure on November 8, 2026, as Bitcoin’s value fell sharply. It touched $73,708 in late Sunday trading, pushing the global cryptocurrency market capitalization down to $2.48 trillion. This move swiftly liquidated vast sums of leveraged capital, reflecting deep unease among investors.
CoinGlass data confirmed that total crypto liquidations reached $855.69 million over the 24-hour period ending November 8, 2026, with the most intense period occurring between 2:00 AM and 4:00 AM UTC. Long positions accounted for 90.2% of these liquidations on November 8, translating to approximately $771.8 million in forced closures.
This indicated that most traders were positioned for a price increase, making the fall particularly painful.
How forced liquidations intensify market pressure
Liquidations happen when a trader’s leveraged position no longer has sufficient collateral to meet an exchange’s requirements. Exchanges automatically close these positions to prevent further losses, a process that involves selling the underlying assets. When this occurs on a large scale, as seen on November 8, it creates a self-reinforcing cycle of selling, driving prices down even faster.
Earlier in the week, on November 6, the market had already witnessed significant liquidations, with over $1 billion in crypto long positions closed as Bitcoin briefly dipped near $76,000. CoinGlass data showed $1.08 billion in crypto positions liquidated over 24 hours on November 6, including approximately $954 million in bullish bets.
Bitcoin futures led these forced closures with $371 million, followed by Ethereum futures at $261 million, highlighting the widespread impact.
Institutional flight from US spot Bitcoin ETFs
A primary catalyst for Bitcoin’s recent struggles has been the consistent outflow of capital from U.S. spot Bitcoin ETFs. Institutional investors, who poured billions into these products earlier in the year, have been steadily pulling funds, signaling a shift in sentiment. These outflows reduce demand for Bitcoin and can lead to its sale through fund settlement processes.
Data from Farside Investors revealed approximately $1.28 billion in net outflows from U.S. spot Bitcoin ETFs during the first trading week of November 2026, specifically between November 2 and November 6. This sustained withdrawal significantly constrained Bitcoin’s ability to rebound from earlier losses. The trend suggests institutions are re-evaluating their exposure to the volatile asset class, or are moving capital elsewhere.
BlackRock’s IBIT and broader fund movements
Friday, November 6, 2026, saw a particularly heavy day for ETF outflows, with $411.9 million in net withdrawals from the entire sector, including $403 million from BlackRock’s IBIT. While some individual funds did attract inflows, these amounts were insufficient to counteract the broader exodus from the market. For more context on these shifts in institutional demand for Bitcoin, prior reports detailed similar concerns.
The persistence of these withdrawals has become a critical concern for traders and analysts monitoring institutional engagement with Bitcoin. The week included a brief recovery on Wednesday, when Bitcoin ETFs attracted $74.6 million, but subsequent selling quickly erased any gains, confirming the dominant bearish sentiment among institutional players.
Broader market headwinds and geopolitical tremors
Bitcoin’s price action rarely occurs in isolation; it often correlates with broader economic indicators and global events. The recent crypto downturn mirrored declines across other risk-sensitive assets, including equities and precious metals. Thin weekend liquidity exacerbated these movements, contributing to a significant 6% drop for Bitcoin on Saturday, November 7, 2026.
Wall Street also faced considerable pressure, with the Nasdaq plunging 5.5% on Thursday, November 4, 2026. Concerns over inflated AI valuations and potential regulatory crackdowns contributed to this tech sector slump. Geopolitical shocks now hit Treasury yields, impacting risk appetite, then ETF flows, and finally Bitcoin.
Additionally, recent US midterm victories for Democrats have introduced uncertainty over future crypto legislation, adding another layer of apprehension for investors.
The ripple effect of risk aversion
Geopolitical developments contributed to nervous trading as investors assessed broader tensions. These continuing tensions have raised concerns over oil prices and broader inflation, particularly as disruptions to shipping and energy exports remain unresolved. These macro-level shocks transmit through Treasury yields, impacting overall risk appetite, which in turn affects ETF flows and ultimately Bitcoin’s valuation, demonstrating a more institutionalized linkage.
The initial sell-off also forced many leveraged buyers to liquidate their positions. This amplified the downward pressure, as the market was heavily positioned for higher prices before the reversal. The dominance of long positions in the liquidations underscores this pre-existing bullish bias.
Economic outlook and upcoming inflation data
Investors are now closely watching for key economic data, particularly the October U.S. Consumer Price Index (CPI) report, scheduled for release on November 10 at 8:30 a.m. Eastern Time. Inflation figures significantly influence monetary policy decisions and broader market sentiment, and an unfavorable report could intensify the current risk-off environment across financial markets.
The current market sentiment, as reflected by the Fear & Greed Index, plummeted to 10-11 in November 2025, signaling “extreme fear.” This level was the lowest recorded since late 2022, highlighting the deep anxiety among cryptocurrency investors at that time.
Bitcoin’s price has consistently traded alongside other risk-sensitive assets during periods of market stress, making the upcoming CPI report a pivotal moment for potential short-term direction.
Technical analysis and immediate market outlook
From a technical perspective, Bitcoin has shown weak momentum following a sequence of lower highs and lower lows. The daily Relative Strength Index (RSI) stood near 34.56, below its moving average of 39.03, though it has not yet reached the oversold threshold of 30. This suggests that buying momentum remains limited, and bears currently control the market.
Meanwhile, the MACD line, at -1,733.10, remained below its signal line of -1,336.35, resulting in a negative histogram reading of -396.75. Crypto analyst Ali Martinez noted that Bitcoin held its 200-day simple moving average during the recent decline, suggesting a potential rebound. However, More Crypto Online identified the 50-week moving average as a key resistance level, with another significant barrier near $78,186.
The immediate trading range for Bitcoin shows resistance around $75,600. Traders are closely monitoring the recent swing low near $73,692 as a critical support level. Should the correction deepen, More Crypto Online has identified a lower support region between $71,252 and $67,868, indicating further downside potential if current levels fail to hold.