👀 Bitcoin falls below $72,000 as selling puts $70,000 in 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 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.
⚠️ The decline followed several unsuccessful attempts to regain ground during the week. On the one-week CoinGlass heatmap, Bitcoin repeatedly formed lower recovery peaks before its latest fall through $73,000 and $72,000. Both the middle and lower bands were pointing down. Bitcoin’s recent candles had followed the lower edge of the envelope as the recovery from its summer lows gave way to another run of selling.
📈 A move outside the lower band can accompany a stretched decline, but the chart had not yet shown a sustained return inside it. A recovery above roughly $72,000 would bring price back toward the band, while the falling 20-day average remained considerably higher. Daily Average Directional Index stood at 23.30 and had begun turning upward. Alongside the falling price, the reading suggested the downward trend was gathering strength. ADX itself measures trend strength without identifying its direction.
❗️ Sponsored by Roobet.com
