According to CoinMeta, as reported by cryptonews, Bitcoin has fallen by 16.8% since its peak in September and is facing a crucial test on November 22nd, due to a ETF outflow of $2.22 billion. Bitfinex analysts warn that weak spot purchases and stubborn leverage could turn this correction into a deeper decline. In its mid-term update on November 11th, Bitfinex Alpha pointed out that the main obstacle to recovery lies at $75,717, which is the average purchase price for coins held for less than 155 days. After falling to $72,706, Bitcoin has been below this level for four consecutive days. Analysts expect holders to sell during a rebound that approaches breakeven, until new spot demand returns. The report estimates that 1.6 million Bitcoins purchased between $75,000 and $80,000 are currently in a loss-making state.