Wintermute sees BTC falling to $68K if it breaks below $73K

Crypto market maker Wintermute said in its latest market report that Bitcoin could fall further to $68,000 if it drops below $73,000. Wintermute said risk assets have been broadly weak as regulatory concerns around the AI sector grew after the U.S. midterm elections. Last week, the S&P 500 fell 4.4% in a single day, while spot BTC ETFs saw $1.28 billion in net outflows, the largest since June this year. BTC rose to $81,000 on Nov. 4 but later gave back all of those gains, and fell to $73,500 on Sunday. Its weekly close also fell below the 50-week moving average of $75,500, ending a seven-week uptrend. On Monday, more than $1 billion in positions were liquidated, with most BTC liquidations concentrated in long positions. Wintermute said it would remain cautious while BTC stays below the 50-week moving average. It added that a break below $73,000 and the 200-day moving average on the BTC/USD daily chart could send BTC down to $68,000. On the other hand, Wintermute said it would turn constructive if BTC reclaims $80,000 and spot ETFs post weekly net inflows.