Bitcoin Falls Below $72,000 as Selling Tests $70,000 Support

Bitcoin fell below $72,000 on Nov. 12, losing another layer of support as its daily chart showed prices slipping outside the lower Bollinger Band and its weekly recovery continued to unravel, according to CryptoNews.

BTC traded near $71,421 in the daily snapshot, down 3.50% for the session. TradingView’s Binance BTC/USDT chart showed an intraday low of $71,255 at press time, following a session high of $74,217. The move carried Bitcoin below $71,500, a level trader Jesse Olson had flagged as vulnerable to further selling. Olson noted that long liquidation clusters could speed up the move as Bitcoin broke below his third target.

Moving Averages and Bollinger Bands

At $71,421, Bitcoin traded below the daily lower Bollinger Band at $71,978, with its 20-day simple moving average standing at $77,338. Both the middle and lower bands were pointing down, reflecting a stretched decline following earlier inflation-fueled liquidations.

On the weekly chart, Bitcoin traded near $71,453, down 4.54% from its weekly opening price. It dropped below its 20-week simple moving average at $74,220 and 50-week simple moving average at $75,157. Below the market, $70,000 stood as the nearest major round-number reference, followed by the 200-week simple moving average around $68,013.

Market Leverage and ETF Outflows

CoinGlass heatmaps showed prominent remaining liquidation concentrations overhead around $76,300 to $76,700 and $77,300 to $77,600. Bitfinex Alpha analysts reported that futures open interest rose 3.3% between Nov. 8 and Nov. 11 while Bitcoin fell 2.6%, accompanied by $2.22 billion in withdrawals from US spot Bitcoin ETFs across eight sessions starting Oct. 30.

Key facts

• Bitcoin fell below $72,000 on Nov. 12, trading near $71,421 with a daily loss of 3.50%.
• The intraday low reached $71,255 following a session high of $74,217.
• Bitcoin dropped below its 20-week ($74,220) and 50-week ($75,157) simple moving averages.
• US spot Bitcoin ETFs saw $2.22 billion in withdrawals across eight sessions starting Oct. 30.