BlackRock Sends $232.9M Bitcoin to Coinbase Prime, Fueling Fears of a Sub $80k BTC Sell-Off.

BlackRock transferred 2,822BTC valued at $232.9 million to Coinbase Prime today, intensifying concerns about potential downward pressure on Bitcoin prices. The asset manager has recorded $2.47 billion in net outflows during November, representing 63% of total Bitcoin ETF outflows this month.

The firm maintains holdings of 779,425 BTC despite the significant withdrawals. BlackRock also moved 6,283 ETH worth $101.72 million, adding to market anxiety about a potential decline toward the $80,000 level.

Bitcoin currently trades at $87,078.60, posting a 0.53% gain in the past 24 hours. The cryptocurrency experienced a 7.08% decline over the past week after dipping to $83,000 during the weekend before recovering.

Bitcoin ETF Products Hemorrhage $626 Million in Single Day

Bitcoin ETF products collectively lost 2,588 BTC valued at $626.29 million today, according to Lookonchain data. The withdrawals occurred ahead of Federal Reserve rate cut probabilities climbing above 80% after falling to 27% last week.

Asides BlackRock, Fidelity’s FBTC recorded outflows of $1.41 billion, making it the second-largest contributor to November’s selling pressure. Grayscale’s GBTC followed with $1.06 billion in withdrawals, while ARK/21Shares’ ARKB saw $839 million exit the fund.

The combined November outflows from spot Bitcoin ETF products reached approximately $3.5 billion.

Bitcoin Tests Critical Support Amid Mixed Technical Signals

Bitcoin’s weekly candle closed above the four-year trend key level, according to AshCrypto on X. The cryptocurrency sits on a macro long-term trendline that has supported prices for four years, having acted as major resistance three times previously.

BitMEX Co-founder and Maelstrom Fund CIO, Arthur Hayes, noted minor improvements in liquidity as the Federal Reserve’s quantitative tightening (QT) is expected to end on December 1.

He added that the effects are already visible, with U.S. banks increasing lending throughout November.

According to Hayes’ outlook, Bitcoin may continue its “chopsolidation” below $90K, with the possibility of one more dip into the low $80Ks.

However, he believes the $80K level will hold. “Might start nibbling, but leave the bazooka until the new year,” Hayes added.

The BitMEX founder told investors that the Bitcoin bottom is near, but patience is required before the next leg up.

He urged the market to wait for U.S. stocks to correct in order to prompt Federal Reserve intervention.

“We are playing for more money printing, and for that we need AI tech stocks to crater,” he concluded.

RektFencer warned that two weekly closes below the 50-week moving average have historically preceded significant declines. Another trader noted Bitcoin completed a 36% correction with MACD reaching a five-year low, similar to conditions that preceded a 119% rally.

Lennaert Snyder on X identified $88,000 as critical resistance on the one-hour timeframe. Breaking above this level could trigger a move toward $93,000, while rejection may lead to tests of $82,270 or $80,600 support levels.

Bitcoin Faces Key Support Test Near $85,000

Bitcoin declined approximately 26% from November highs near $120,000 to current levels around $88,000. The cryptocurrency trades within a critical support zone between $85,000 and $88,000, representing previous consolidation lows from July through October.

The RSI indicator registers 32.62, approaching oversold territory below the 30 threshold. MACD shows a deeply negative reading of -679.97 with widening divergence between the MACD line at -5,731.23 and signal line at -5,051.26.

Volume increased to 20.23K BTC during the recent decline, with higher volume on bearish candles indicating strong selling pressure. Key resistance levels include $100,000 to $105,000 and the psychological $110,000 mark, while support sits at $85,000 and $82,000 to $83,000.

The chart pattern reveals a breakdown from the previous consolidation range with each bounce creating lower highs. Breaking below $85,000 support could trigger further liquidations toward the $75,000 to $80,000 range.

Short-term oversold conditions suggest potential for a technical bounce, though momentum indicators show no bullish divergence yet. Bitcoin must reclaim $100,000 to invalidate the current bearish structure and restore medium-term bullish outlook.