Bitcoin Holds $906 Above $65,000 as ETF Outflows Drain Momentum

Bitcoin traded at $65,906—just $906, or about 1.4%, above the closely watched $65,000 threshold—after falling 4.3% in 24 hours, according to a TradingView analysis by KalaGhazi. The cryptocurrency has lost roughly 20.5% over the past month and about 13% over the previous week, and it now sits approximately 21.6% below the $84,082 peak it reached on October 21, 2026.

That means a modest additional dip—under 1.5%—puts Bitcoin below a level the entire market is watching. What does this change for traders, ETF investors and miners? Quite a lot, and in different ways for each group.

Where Does Bitcoin Find Support Below $65,000?

The chart analysis identifies three technical support zones: $64,112, $62,844 and $58,566. Each of these levels held earlier in the summer, when buyers stepped back into the market. Support levels matter because they're where selling pressure tends to slow or where buyers try to defend the price.

The flip side is equally concrete. If those levels fail, the decline could accelerate as stop-loss orders and forced selling kick in. For leveraged traders, that's the scenario worth stress-testing before it happens, not after.

Why Are Spot ETF Outflows Adding Pressure?

From November 5 to November 13, spot Bitcoin ETFs experienced outflows in every single trading session, the analysis reports. Persistent redemptions force fund managers to sell Bitcoin to meet withdrawals, which mechanically adds selling pressure to the spot market.

That selling has coincided directly with Bitcoin's test of the $65,000 level. It's why the market is especially sensitive to any further weakness—the two forces are reinforcing each other right now.

What Happens to Miners If the Price Keeps Falling?

Miners would likely be among the first to feel a deeper decline. Mining operations routinely sell newly mined Bitcoin to cover operating costs, so falling prices compress their margins quickly.

The mining difficulty—a measure of how hard it is to earn new Bitcoin—adjusts approximately every two weeks. According to Mempool data cited in the analysis, the next adjustment is expected to show a significant decrease of about 5.5%. A drop in difficulty is often read as a signal that some miners have already begun shutting down operations.

If Bitcoin moves closer to $62,844, more miners could decide to sell reserves to stay financially afloat, per the analysis. That additional selling would reinforce the downward pressure on price—a feedback loop practitioners should keep on their radar.

How Low Do Analysts Expect Bitcoin to Go?

Forecasts cited in the report are mixed, and the spread is wide:

• Alex Thorn of Galaxy Research expects Bitcoin to fall to between $40,000 and $46,000 in the fourth quarter.
• Standard Chartered has described $59,000 as the bottom.

The gap between those two calls—roughly $13,000 at the closest overlap—tells you how much disagreement exists even among institutional forecasters. If Bitcoin breaks below $65,000, investors will be watching whether it holds the $64,112 and $62,844 supports, or whether it eventually tests the $59,000 area highlighted by Standard Chartered and the lower range from Galaxy Research.

The Practical Bottom Line

A drop below $65,000 wouldn't automatically determine Bitcoin's next major move. But it would put four things under intense scrutiny: the next support levels, ETF flows, miner stress and analyst forecasts.

The key question for anyone positioned in this market is whether buyers appear near $64,112 and $62,844—or whether continued outflows and miner selling push Bitcoin toward $58,566 and the lower targets from Thorn and Standard Chartered. With Bitcoin just 1.4% above the line, that question could be answered within days, not weeks.