The bullish signal that convinced everyone a new bull run had started — just got erased.
$BTC has fallen below its 50-week moving average of $75,153, reversing the September breakout that analysts read as the start of a new bull run, according to CoinDesk's Daybook on November 12. A failed breakout like this is the pattern technical analysts take as renewed seller dominance.
The slide is accelerating into the evening. $BTC is now near $71,844, down 2.4% in 24 hours, with $ETH at $2,005. US spot $BTC ETFs lost $299.9 million on Wednesday — a fifth straight day of outflows totalling about $1.44 billion since November 5 — and BlackRock's IBIT is on a nine-session outflow streak. Meanwhile Nvidia shares fell around 7% in pre-market trading amid reports its board is preparing to remove CEO Jensen Huang, dragging tech stocks down with it, and traders now price a roughly 90% chance of a Fed rate hike at the December 8-9 meeting.
But not everything is red. Zcash is the day's trending coin: $ZEC jumped 13.7% to about $989, near the $1,000 level, up 23.3% on the week and topping trending searches — with a coinholder vote opening November 16 on a proposal to move 50,000 ZEC out of the community grants treasury.
My take: this is a technical break meeting a macro headwind, not panic. The 50-week average is the line bulls defended all autumn — losing it turns every bounce into a test. Yet money is not leaving crypto entirely; it is rotating into privacy coins while the majors wash out. That rotation is what bottoms usually look like before they form.
Levels to watch: support at $71,800-$72,000, then $70,000. Resistance at $73,000, then the 50-week average at $75,153 — reclaiming that is what flips the picture back.
Source: CoinDesk / CoinGecko, 12 Nov 2026
Do you think losing the 50-week average ends the bull case — or is this the final washout before a bounce?
Follow for daily crypto updates.
#Bitcoin #Crypto #BTC
Not financial advice.
$BTC has fallen below its 50-week moving average of $75,153, reversing the September breakout that analysts read as the start of a new bull run, according to CoinDesk's Daybook on November 12. A failed breakout like this is the pattern technical analysts take as renewed seller dominance.
The slide is accelerating into the evening. $BTC is now near $71,844, down 2.4% in 24 hours, with $ETH at $2,005. US spot $BTC ETFs lost $299.9 million on Wednesday — a fifth straight day of outflows totalling about $1.44 billion since November 5 — and BlackRock's IBIT is on a nine-session outflow streak. Meanwhile Nvidia shares fell around 7% in pre-market trading amid reports its board is preparing to remove CEO Jensen Huang, dragging tech stocks down with it, and traders now price a roughly 90% chance of a Fed rate hike at the December 8-9 meeting.
But not everything is red. Zcash is the day's trending coin: $ZEC jumped 13.7% to about $989, near the $1,000 level, up 23.3% on the week and topping trending searches — with a coinholder vote opening November 16 on a proposal to move 50,000 ZEC out of the community grants treasury.
My take: this is a technical break meeting a macro headwind, not panic. The 50-week average is the line bulls defended all autumn — losing it turns every bounce into a test. Yet money is not leaving crypto entirely; it is rotating into privacy coins while the majors wash out. That rotation is what bottoms usually look like before they form.
Levels to watch: support at $71,800-$72,000, then $70,000. Resistance at $73,000, then the 50-week average at $75,153 — reclaiming that is what flips the picture back.
Source: CoinDesk / CoinGecko, 12 Nov 2026
Do you think losing the 50-week average ends the bull case — or is this the final washout before a bounce?
Follow for daily crypto updates.
#Bitcoin #Crypto #BTC
Not financial advice.
