Bitcoin Reverses Back to the US$66 Thousand Area

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Bitcoin Returns to the US$66,000 Area After Failing to Break Resistance

The price of Bitcoin (BTC) has fallen back to the trading area of US$66,000 on Wednesday (11/2), after previously failing to break through the resistance level around US$70,000. On a daily basis, Bitcoin recorded a decline of about 3.4%.

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According to CoinMarketCap data, the fluctuation in Bitcoin's price this time is influenced by a combination of global macroeconomic factors and a large liquidation in the derivatives market. This situation is exacerbated by a decline in open interest of 14.7 percent, which indicates a decrease in investor interest in open positions in the market, further strengthening negative sentiment.

The decline in open interest has prompted significant selling action, causing pressure on Bitcoin's price to increase in the short term.

Nevertheless, on the other hand, the Bitcoin exchange-traded fund (ETF) market is showing positive signals. In the last two days, the Bitcoin ETF has recorded an inflow of funds totaling US$311.5 million.

Based on data from SoSoValue, this inflow indicates that institutional investor interest in Bitcoin remains relatively strong, even though short-term price movements are in a correction trend.

This condition shows a difference in sentiment between the spot market and the derivatives market, where selling pressure is still occurring, but accumulation by large investors continues.