📊 Trading Priorities:
• Direction: Short, watching for renewed pressure on 73514 and a breakdown, potentially after a rebound toward 75000–76000
• Goal: The area near 72000
• Cancel: A sustained recovery above 76415 would invalidate the immediate bearish scenario
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Resistance levels: 75000–76000, 75723, 76415
Support levels: 73514, approximately 72000
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November 8 brought another sharp sell-off as Bitcoin lost the consolidation around 75723. This was more than an isolated technical move: reports linked the risk-off backdrop to fresh uncertainty surrounding Nvidia and stalled US–Iran negotiations. Liquidations then amplified the decline. CoinGlass figures reported overnight showed more than $1 billion in forced closures across crypto over 24 hours, including approximately $913 million in longs. Those totals describe the wider liquidation window, not one candle or Bitcoin alone.
The distinction matters: adverse headlines can trigger selling, while leveraged position closures accelerate it. My reading is a combination of renewed risk aversion and a liquidation cascade, rather than evidence of a new problem with Bitcoin’s network. Glassnode’s November 4 report identified 73000–76000 as a broader support and positioning band. That provides context, but does not establish a current short-liquidation cluster above price.
My priority remains bearish, although a rebound toward 75000–76000 could precede another decline. I’m watching whether that recovery struggles around former support and price returns to 73514. Repeated pressure there, followed by a breakdown, would strengthen the continuation scenario toward 72000. A direct approach to support is also possible. A sustained recovery above 76415 would invalidate this immediate bearish scenario.
❗ This setup is for educational purposes and outlines a potential trading plan. A trade may follow if the conditions develop. This is not financial advice. Trading carries risk, so please protect your capital and manage your own risk!
