- Bitcoin price today trades near $82,300, extending its breakdown after losing the $90,000 support cluster.
- Spot outflows surged to $558.5M, marking one of the largest distribution days of the year as liquidity thins.
- Open interest fell 12.36% with $1.02B in liquidations, confirming heavy long unwinding as BTC tests the $80,000 floor.
Bitcoin price today trades near $82,300 after falling sharply through the $90,000 support cluster. The breakdown confirms a continuation of the November downtrend as spot outflows surge and open interest unwinds. Sellers now pressure the $80,000 liquidity band, a zone that has emerged as the final near-term defense.
Spot Outflows Surge To $558M As Distribution Deepens
Coinglass data shows $558.5 million in net outflows on November 21, the largest single-session red print in months. Bitcoin has now recorded a multi-week sequence of heavy outflows with no meaningful inflow days to offset the pressure.
This acceleration mirrors earlier periods of distribution where price extended lower until flows stabilized. Outflows of this magnitude consistently reflect a tightening of liquidity, forcing price to follow the path of least resistance.
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With BTC sliding into new monthly lows, buyers have not shown material defense. The latest red bars reinforce that long-duration holders and short-term traders are both reducing exposure.
Descending Trendline And EMA Rejections Confirm Bearish Control
The daily chart shows a clean rejection from the descending trendline that has contained every rally since October. Attempts to recover above the 20 and 50 day EMAs failed, creating a staircase of lower highs. The 100 day EMA at $104,200 and the 200 day EMA at $107,700 now stand as the main reversal barriers.
Price sits well below this entire cluster. The slope of these EMAs confirms that momentum remains downward with no sign of flattening. Sellers have held trend control through each rally attempt, and the latest breakdown reinforces that dominance.
The failure to hold $90,000 and $86,000 confirms a shift toward deeper supports. BTC now tests the top edge of the $80,000 liquidity shelf, which has acted as a structural pivot across several historical cycles.
Order Book Data Shows Thin Support Below $82,000
Order book data shared by analyst Ted Pillows highlights dense buy orders near $80,000 to $82,000 on Binance. This aligns with the current trading zone and explains the brief pauses in intraday downside momentum.
However, Pillows warns that if this band fails, Bitcoin likely moves swiftly toward $74,000, where the next meaningful buy wall sits. The liquidity gap between $79,000 and $74,000 raises the risk of an accelerated flush if sellers break the current floor.
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These levels match the broader support zones visible on the daily chart, where previous consolidations created high-volume nodes near $74,000 to $76,000.
Open Interest Drops As Leveraged Longs Unwind
Derivatives data shows open interest down 12.36 percent in the last 24 hours, reflecting a clear unwinding of leveraged positions. Futures markets recorded nearly $1.02 billion in liquidations over the past day, with $980 million coming from long positions.
The imbalance shows that the breakdown caught traders leaning heavily long, magnifying the downside move as positions were forced to close. Options volume increased 87 percent, but most of the flow aligns with hedging rather than accumulation.
The futures curve remains weak, and the current structure indicates risk reduction rather than opportunistic repositioning. Until open interest stabilizes, volatility remains biased lower.
Outlook. Will Bitcoin Go Up?
The bullish case requires BTC to hold $80,000 and reclaim $90,000 with improving spot flows and stabilizing open interest. A close above $97,000 would signal that buyers are ready to challenge the broader trendline.
The bearish case takes hold if BTC loses $80,000. A breakdown here confirms a move toward the $74,000 support cluster, where the next significant liquidity zone sits.
If Bitcoin reclaims $90,000, early recovery begins. Losing $80,000 opens the door to a deeper correction toward $74,000.
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