Below $68,000: Bitcoin Weekly Forecast as BTC selling persists despite oversold signal

• More than 7% has been erased from Bitcoin’s value so far this week. Friday’s intraday low stands at $67,568.
• A weekly decline of more than 10% in Nvidia shares accompanies a wider shift away from risk as CEO Jensen Huang’s resignation unsettles sentiment.
• Further losses remain a risk for BTC as liquidations mount, ETF withdrawals persist and appetite for risk fades.

More than 8% has been wiped off Bitcoin (BTC) as its correction deepens. The cryptocurrency touched an intraday low of $67,568 on Friday. Technical indicators signal oversold conditions, yet selling continues to accelerate. Persistent outflows from Exchange Traded Funds (ETFs), leveraged liquidations and reduced risk appetite cloud the outlook for the Crypto King. Nvidia (NVDA) has also fallen sharply, while news this week of CEO Jensen Huang’s resignation has reinforced the broader retreat from risk.

Nvidia sell-off deepens the retreat from risk

More than 13% has been wiped off Nvidia shares so far this week following controversy surrounding CEO Jensen Huang's personal relationships. Huang resigned on Thursday. The decline has cost Nvidia its status as the world’s most valuable publicly traded company, prompting a wider flight from risk and putting pressure on assets such as cryptocurrencies. Bitcoin’s correction exceeded 8%, taking it to a low of  $67,568 on Friday, its weakest level since mid-August.

A wave of crypto liquidations followed this week’s price moves. As the Coinglass chart below illustrates, more than $1.2 billion of BTC positions were liquidated. Long positions accounted for most of the total, underscoring the bullish exposure of leveraged Bitcoin traders.

Speaking exclusively to FXStreet, Bitunix Analyst Dean Chen said Nvidia’s recent losses and developments involving CEO Jensen Huang had increased selling pressure on Bitcoin, without being the main causes of its decline. Bitcoin had started weakening before Nvidia’s latest correction, he argued, pointing to a greater role for factors specific to crypto.

Chen noted that Bitcoin had peaked near $87,300 on September 21, whereas Nvidia reached its high only on October 6. “I think blaming Bitcoin’s decline on Nvidia is a little too convenient. The timeline doesn’t really support that explanation,” Chen said. 

In his view, the pullback in AI stocks and news involving Jensen Huang heightened anxiety in a market that was already fragile, rather than setting off the initial decline.

Chen concluded: “I’m not saying Bitcoin can’t bounce from here. It certainly can, especially if forced selling eases and short positions begin to close. But I wouldn’t confuse a relief rally with a real recovery,”

Institutional outflows persist 

Institutional appetite for Bitcoin has softened this week. With net withdrawals of $595.98 million through Wednesday, BTC spot ETFs are heading for a third consecutive week of outflows, according to SoSoValue data. Last week’s net outflows totalled $1.28 billion.

Should withdrawals persist through Friday and gather pace, BTC could face further selling pressure and a deeper price correction.

Corporate support, which has historically cushioned Bitcoin against sharp corrections, suffered another setback this week. Global index provider MSCI confirmed on Wednesday that Strategy would be dropped from its global indices, the MSCI USA Index and the MSCI World Index. 

Tokyo-listed Metaplanet, another company that accumulates and holds BTC, also appeared on the exclusion list. Effective December 1, the companies will leave the MSCI Japan Small Cap Index.

To bring portfolios into line with the changes, funds tracking the affected benchmarks may have to sell shares in Strategy and Metaplanet by November 30 and December 1. 

The MSCI decision applies directly to the two companies’ shares, not their Bitcoin holdings. Even so, its effects could reach the cryptocurrency because both firms hold substantial Bitcoin treasury positions. Strategy is currently the largest corporate Bitcoin holder with 850,364 BTC, followed by Metaplanet Inc., the second-largest, with 44,000 BTC.

BTC faces macroeconomic pressure

Tuesday’s US Consumer Price Index (CPI) release showed headline prices rising 0.4% in October, against market forecasts of 0.3%. Core CPI, which strips out volatile food and energy prices, increased 0.3%. That matched September’s rise and exceeded the 0.2% estimate. 

Annual inflation readings were absent from the release. Monthly data for October 2025 are unavailable because of the government shutdown that ran from October 1, 2025, to November 12, 2025.

The upside surprise in US CPI has dented risk appetite and reinforced expectations for tighter monetary conditions. In particular, the release increased the probability of a Fed interest rate rise in December.

Fed Governor Christopher Waller also warned that the above-forecast core CPI reading of 0.3% could lead him to consider a larger 50-basis-point (bps) increase at the December 8–9 policy meeting. Restricting the rise to 25 bps could jeopardise the Fed’s credibility, he added.

The hawkish message pushed the US Dollar Index (DXY) and Treasury yields higher. With the 10-year yield climbing above 5%, BTC came under downward pressure, as illustrated below.

Friday’s economic calendar centres on the US Producer Price Index (PPI). Addresses by influential Federal Open Market Committee (FOMC) members will also influence expectations for Fed policy and Bitcoin’s next direction.

Sixth week of correction signalled: Bitcoin technical outlook

Five successive weekly losses have left the Crypto King down over 13% since its correction began in early October. Last week’s close was below the key 50-week Simple Moving Average (SMA) of $75,101. BTC has lost close to 7% more this week and was trading around the 200-week SMA of $67,999 on Friday.

A continued correction that produces a weekly close beneath the 200-week SMA at $67,999 could point to a deeper decline towards $60,000, a key psychological level.

At 41, the weekly Relative Strength Index (RSI) is below its neutral threshold of 50, indicating that bullish momentum is weakening. A red bar on this week’s Moving Average Convergence Divergence (MACD) histogram lends further weight to the bearish outlook.

A rebound, by contrast, could carry BTC towards the 50-week SMA at $75,101. Closing above that level and holding it could open the way for a recovery towards the 61.8% Fibonacci retracement at $78,661, measured from the August 2024 low of $49,000 to the October 2025 record high of $126,199.

The daily chart shows the Crypto King remaining in a bearish phase. Price is firmly beneath the 50-day, 100-day and 200-day Exponential Moving Averages (EMAs), with all three overhead indicators signalling persistent downside pressure. 

Having fallen to around 25, the daily RSI is now in oversold territory. The Moving Average Convergence Divergence (MACD) is still deeply negative and its histogram remains broadly below zero. These readings indicate that bearish momentum continues to dominate despite increasingly stretched conditions.

The first upside hurdle is the 200-day EMA near $76,286. Next come the 100-day EMA around $77,194 and the 50-day EMA close to $78,223. Together, these averages create a dense resistance band below the more distant horizontal ceiling at $85,000.

With no nearby support identified on the chart, a break beneath current levels would point BTC towards the psychological support area around $60,000 before prices stabilise.

(The technical analysis of this story was written with the help of an AI tool. Know more.)