Bitcoin Falls Below $72,000 as $70,000 Comes Into Focus
Leveraged traders faced more than $1.2 billion in forced sales as a stronger dollar, tech-stock weakness and ETF outflows pressured the market.
- Bitcoin traded near $68,750 on Friday, November 13, dropping below $70,000 for the first time since August after slipping outside the lower Bollinger Band.
- Strengthening Dollar Index, which climbed above 103 on Thursday reaching its highest level in approximately 19 months, combined with inflation expectations and Nvidia CEO Jensen Huang's resignation to trigger broad market weakness.
- Cryptocurrency exchanges liquidated approximately $1.23 billion in leveraged positions over 24 hours, with Bitcoin accounting for roughly $677.5 million and long positions representing more than 96% of liquidations.
- Geopolitical tensions escalated as the IRGC claimed it attacked an early-warning radar in Bahrain, while Bitcoin ETFs recorded $299.8 million in net withdrawals on November 11.
- Analyst Doctor Profit maintained a bullish outlook, arguing recent corrections did not erase Bitcoin's recovery from $60,000 lows. However, price remained below key 20-week and 50-week moving averages acting as overhead resistance.
26 Articles
26 Articles
Bitcoin fell below $70,000 for the first time since August. Spot Bitcoin ETFs in the US experienced outflows for five consecutive trading days, with total withdrawals in November approaching $2 billion. Expectations of a US interest rate hike also increased pressure on the price.
During the bidding process, the cost of bitcoin fell below $70,000 for the first time since 20 August. 2.18 per cent of the morning of the Bitcoin was reduced to $69,900 and then slowed down the fall to $66.01,000. At the same time, the Ethereum lost 1.8 per cent to 1983.44 dollars. According to the Coinglass site, over the past 24 hours the world's cryptobiers had eliminated positions of 125.76,000 traders totalling $901.89 million. About $772 …
Bitcoin falls below $72,000 as $70,000 comes into focus
Bitcoin has fallen below $72,000 on Nov. 12, losing another layer of support as its daily chart shows prices slipping outside the lower Bollinger Band and its weekly recovery continues to unravel. TradingView’s Binance BTC/USDT chart showed an intraday low…
The price of Bitcoin (BTC) has fallen below $70,000 on Binance, one of the world's largest cryptocurrency exchanges.
The cost of bitcoin drops by almost 7% on Friday, and its price dropped below $70,000 for the first time this fall, according to the bid.
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