📉 Extreme Fear at 13! After Bitcoin falls below $70,000, what are the technicals really telling us?
The entire market is in the red. At the time of writing, $BTC is trading at $65,790, down 4.6% in 24 hours. It dipped as low as $66,915 during the day, its lowest level since August 19. $ETH is trading at $1,836, down 5.9%, and has fallen below the key $1,900 level. Major coins such as BNB and Solana have seen even steeper declines, with Solana down nearly 10% in a single day.
📊 First, here are three technical signals worth watching:
1️⃣ Oversold conditions have emerged: Based on the November 13 closing prices, BTC’s 14-day RSI is just 24.5, while Ethereum’s is 24.3. Both have entered oversold territory. Oversold does not mean an immediate rebound is coming, but it does suggest bearish momentum is becoming stretched, making it increasingly unattractive to chase the decline.
2️⃣ Price has fallen below all major moving averages: BTC’s closing price has dropped below its 20-day, 50-day, and 200-day moving averages (the 200-day average is around $73,092), weakening the short-, medium-, and long-term trends all at once. Before talking about a reversal, price needs to reclaim at least the 200-day moving average.
3️⃣ Sentiment is at an extreme low: The Fear and Greed Index has fallen to 13 (Extreme Fear), down from 20 the previous day. Historically, Extreme Fear has often coincided with areas near interim bottoms—but bottoms are never formed in a single day.
💥 The trigger for this latest decline came from the macroeconomic front: U.S. PPI for October jumped 6.5% year over year, its highest level since November 2022. Rising rate-hike expectations have weighed on risk assets. On November 13, U.S. spot Bitcoin ETFs saw net outflows of $185 million. On top of that, $1.23 billion in positions were liquidated across the crypto market in 24 hours, 82.7% of them longs. The resulting cascade of liquidations amplified the decline.
📌 What does this mean for trading? In the short term, the $65,000 area is the next psychological level. If it holds, a technical rebound could take shape in oversold territory; if it breaks, prices may continue lower in search of support. For the long term, the case for building a position gradually during periods of fear remains unchanged—but leave room in your portfolio. The macro outlook remains the biggest variable ahead of the Fed meeting on December 9.
Do you think this is an interim bottom, or just a pause before another leg down? Share your thoughts in the comments 👇
#比特币 #以太坊 #行情分析 #Cryptocurrency
⚠️ These are personal views. DYOR and be mindful of the risks.
The entire market is in the red. At the time of writing, $BTC is trading at $65,790, down 4.6% in 24 hours. It dipped as low as $66,915 during the day, its lowest level since August 19. $ETH is trading at $1,836, down 5.9%, and has fallen below the key $1,900 level. Major coins such as BNB and Solana have seen even steeper declines, with Solana down nearly 10% in a single day.
📊 First, here are three technical signals worth watching:
1️⃣ Oversold conditions have emerged: Based on the November 13 closing prices, BTC’s 14-day RSI is just 24.5, while Ethereum’s is 24.3. Both have entered oversold territory. Oversold does not mean an immediate rebound is coming, but it does suggest bearish momentum is becoming stretched, making it increasingly unattractive to chase the decline.
2️⃣ Price has fallen below all major moving averages: BTC’s closing price has dropped below its 20-day, 50-day, and 200-day moving averages (the 200-day average is around $73,092), weakening the short-, medium-, and long-term trends all at once. Before talking about a reversal, price needs to reclaim at least the 200-day moving average.
3️⃣ Sentiment is at an extreme low: The Fear and Greed Index has fallen to 13 (Extreme Fear), down from 20 the previous day. Historically, Extreme Fear has often coincided with areas near interim bottoms—but bottoms are never formed in a single day.
💥 The trigger for this latest decline came from the macroeconomic front: U.S. PPI for October jumped 6.5% year over year, its highest level since November 2022. Rising rate-hike expectations have weighed on risk assets. On November 13, U.S. spot Bitcoin ETFs saw net outflows of $185 million. On top of that, $1.23 billion in positions were liquidated across the crypto market in 24 hours, 82.7% of them longs. The resulting cascade of liquidations amplified the decline.
📌 What does this mean for trading? In the short term, the $65,000 area is the next psychological level. If it holds, a technical rebound could take shape in oversold territory; if it breaks, prices may continue lower in search of support. For the long term, the case for building a position gradually during periods of fear remains unchanged—but leave room in your portfolio. The macro outlook remains the biggest variable ahead of the Fed meeting on December 9.
Do you think this is an interim bottom, or just a pause before another leg down? Share your thoughts in the comments 👇
#比特币 #以太坊 #行情分析 #Cryptocurrency
⚠️ These are personal views. DYOR and be mindful of the risks.