1Bitcoin fell to around $68,500 on Friday, marking its lowest price in 12 weeks.
2Futures markets and recent inflation data point to an increased likelihood of a Federal Reserve rate hike in December.
3U.S. spot Bitcoin ETFs recorded six consecutive sessions of net outflows totaling approximately $1.49 billion.
4Technical indicators show Bitcoin's RSI has dropped to 25.4, indicating oversold conditions while short-term momentum remains bearish.
5Other major cryptocurrencies, including Ethereum and Solana, also experienced declines as selling pressure spread across the market.
Key takeaway
Rising concerns over potential interest rate hikes and sustained outflows from crypto investment funds have increased selling pressure across digital assets, pushing Bitcoin to a 12-week low.
Short-term impact (days–weeks)
▼ BEARISH
Prices may remain under pressure in the coming days due to ongoing ETF outflows and strong bearish momentum.
Medium-term impact (1–3 months)
● NEUTRAL
Market direction over the next few months will largely depend on upcoming Federal Reserve decisions and macroeconomic inflation data.
Key risks
Potential for larger-than-expected interest rate increases by the Federal Reserve.
Continued institutional withdrawals from spot Bitcoin exchange-traded funds.
Strong short-term technical bearish momentum risking further support breaks.