Bitcoin Price Prediction: Why BTC Could Rally This Week as $70K Risk Persists

The Bitcoin price traded near $75,982 on Sunday, November 8, gaining 0.4% over the previous 24 hours. However, BTC declined 2.6% over the past week and approximately 8% during the past month.

The global cryptocurrency market capitalization stood near $2.64 trillion, down 0.15% over the previous 24 hours. Ethereum (ETH) traded near $2,239.21, while XRP traded around $1.16 during the same market.

Crypto Fear and Greed Index registered 28 out of 100, indicating fear across the broader market.

Bitcoin is about to close 5 RED weeks in a row.  This is unlike anything we’ve seen during the previous bear market.

This looks like controlled selling, and it could all reverse with one massive green candle.

Bitcoin Holds Above a Crucial Support Zone

Bitcoin’s recent weekly low near $74,921 places the psychological $75,000 threshold at the center of the recovery debate. The market has already bounced above that level, although sustained buying remains necessary to establish a stronger floor.

The Bitcoin derivatives market saw trading volume decline 40.04% to $16.52 billion, the data showed. 

Open interest rose 0.51% to $51.60 billion, showing a modest increase in the value of outstanding positions. The figures indicate weaker trading activity alongside an expansion in derivatives exposure.

According to CoinGlass, in the past 24 hours, 55,384 traders liquidated. Total liquidations were $62.03M. The largest observed liquidation order was on Hyperliquid – ZEC-USD, valued at $439.47K.

Bitcoin and Ethereum Spot ETFs Shed $505M on November 6

U.S. spot Bitcoin exchange-traded funds recorded approximately $1.28 billion in net withdrawals during November 2–6. Bitcoin Spot ETFs See $412M in Net Outflows, Ethereum Spot ETFs Lose $93.19M on November 6 (ET)

According to SoSoValue data, Bitcoin spot ETFs recorded total net outflows of $412 million on November 6 (ET). Fidelity’s FBTC led Bitcoin spot ETFs in daily net inflows with $42.82 million. 

Ethereum spot ETFs recorded total net outflows of $93.19 million, while BlackRock’s Staked ETH ETF, ETHB, led daily net inflows with $1.15 million.

Where Could Bitcoin Trade This Week?

BTC price hovered at $76,000.37 on November 8, with the latest displayed four-hour candle showing a 0.13% gain. 

Bitcoin price is stabilizing after a sharp retreat from above $80,000 earlier in November.

The relative strength index stood at 40, above its smoothing average of 39.95 but below the neutral 50 level. The reading suggested improving momentum, although buyers had yet to establish clear control. 

The moving average convergence divergence indicator also showed an early improvement in momentum. The MACD line stood at -517.94, above the signal line at -570. Its histogram turned positive at 52.47, following a series of negative readings. 

A sustained four-hour close above $76,000 would put the next marked resistance at $78,000 in focus. Clearing $78,000 could then bring $80,000 into view, roughly 5.26% as per the future Bitcoin price outlook.

Another rejection near $76,000 could send Bitcoin back toward the $75,000 support level. A decisive break beneath $75,000 would expose a projected $70,000 downside target.