Bitcoin fell to a seven-month low of around $85,000 on Friday after a sharp long squeeze and continued outflows from U.S. spot Bitcoin ETFs added heavy selling pressure.
The price dropped 7% during Asian trading hours to an intraday low of $85,400, according to crypto.news. Bitcoin is now down 11.6% over the past week and sits 32% below its October all-time high of $126,080.
More than $443 million in Bitcoin long positions were liquidated in the past 24 hours, compared with $26 million in short positions, data from Coinglass shows. The sudden move forced bullish traders to close out leveraged positions as losses accelerated.
ETF flows also contributed to the decline. Data from SoSoValue shows the 12 U.S. spot Bitcoin ETFs have recorded $1.45 billion in net outflows so far this week and more than $3 billion in November. The reversal comes just two months after the same funds saw nearly $7 billion in inflows.
Risk appetite has weakened further due to broader market uncertainty, including fading expectations of a Federal Reserve rate cut in December and continued volatility surrounding President Donald Trump’s tariff policies.
The downturn has pushed sentiment into “extreme fear.” The Crypto Fear and Greed Index stood at 14 and has held at that level for nine consecutive days.
Analysts are split on whether the market has reached a floor. Komodo Platform CTO Kadan Stadelmann said Bitcoin could fall by another $10,000 before recovering. Georgii Verbitskii, founder of TYMIO, warned that the market may be entering a “prolonged bearish period,” with the next major support zone near $80,000 to $77,000.
Bitcoin remains under pressure as liquidations, weak demand, and ETF outflows continue to shape short-term market direction.
