Glassnode’s Nov. 11 report places Bitcoin below its $75,600 short-term holder cost basis, the average acquisition price of coins held for fewer than 155 days. Only around 35% of that supply remains profitable.
The CoinGlass weekly heatmap shows BTC near $73,500 after an initial drop around Nov. 5, several days around $75,500–$76,000, and another decline. The latest candles remain below $75,000, which buyers had defended earlier in the week.
Bitcoin faces recovery levels at $75,600 and $77,500
Glassnode estimates that reclaiming the $77,500 True Market Mean would return roughly half of short-term holder supply to profit. Around two-thirds of those coins sit above price, creating potential breakeven selling into rallies.
Earlier technical coverage on Nov. 6 placed Bitcoin near $75,799, with its daily relative strength index at 37.82. Its weekly candle had reached $81,196 before retreating, while the daily price remained below the middle Bollinger band near $79,759.
The latest CoinGlass snapshot shows price below that Nov. 6 reading. Rebounds during the intervening sessions failed to recover $80,000, leaving the weekly chart with a succession of lower trading ranges.
Channel breakdown brings a $65,000 warning
In a Nov. 11 post, pseudonymous analyst Tranquility Crypto said Bitcoin had traded inside a descending channel since September. Their chart shows repeated rejections along its upper boundary before price slips beneath the lower trendline.
The analyst described an “expected move coming towards $65K” and said they wanted Bitcoin to reclaim the broken structure before becoming comfortable calling a bottom.
From a $73,500 reference price, reaching $65,000 would mean a further decline of approximately 11.6%. The screenshot presents the target as a projected move beneath the latest candles, with the channel recovery still absent from the displayed setup.
Short liquidations offer a possible rebound route
In a Nov. 11 X post, analyst Ted Pillows identified a large short-side liquidity cluster between $76,000 and $77,500. He suggested Bitcoin could rally toward the zone if stocks developed stronger upward momentum.
$BTC has a huge short-side liquidity cluster between $76,000 and $77,500.
Price always moves towards major liquidity zones, so this is a level where BTC could rally next if the stock market shows more momentum. https://t.co/WVB9XhUoJG
— Ted (@TedPillows) November 11, 2026
The one-week CoinGlass heatmap shows bright overhead bands across roughly the same region, with further concentrations around $79,000 and above $81,000. Smaller bands sit below the latest price around $72,000–$73,000.
Measured from $73,500, reaching $76,000 would require a gain of 3.4%, while $77,500 would require approximately 5.4%. Both prices remain below the levels traded near the beginning of the weekly chart.
Glassnode says most nearby long-liquidation levels have been cleared. Its six-month map instead places the largest downside cluster at $59,500–$62,600 and the largest overhead cluster near $87,500.
ETF withdrawals slow while stablecoin supply contracts
As crypto.news previously reported, weekly withdrawals from U.S. spot Bitcoin ETFs reached approximately $1.28 billion during Nov. 2–6. BlackRock’s IBIT accounted for $1.21 billion, while Fidelity’s FBTC attracted $93.1 million.
Farside Investors recorded another $201 million leaving the products on Nov. 9 and $95 million on Nov. 10. Tuesday’s withdrawal was approximately 52.7% smaller than Monday’s, but the daily category totals across Nov. 2–10 still sum to $1.58 billion in net outflows.
IBIT lost $78.2 million on Tuesday, and FBTC shed $36.8 million. Morgan Stanley’s MSBT received $20 million, partially offsetting those withdrawals.
Glassnode reports a $14.2 billion contraction in stablecoin supply over 30 days through Nov. 9. Wallet groups holding 100–1,000 BTC and 1,000–10,000 BTC have begun accumulating, although other groups continue reducing balances.
October inflation follows the initial weekly decline
The Bureau of Labor Statistics reported on Nov. 10 that October consumer prices rose 0.4%, following September’s 0.6% gain. Core prices rose 0.3% for a third consecutive month.
Subsequent market coverage, citing CoinGlass, reported $723.37 million in crypto liquidations over its 24-hour window, including roughly $570 million in longs. Bitcoin accounted for approximately $203 million, comprising $175 million in longs and $28 million in shorts.
