$BTC Crashed through 65,000 overnight—can 62,000 hold?
Last night I said we’d see whether the price could get back above 73,000 by Sunday’s close. Instead, it plunged straight through 65,000 overnight. The current price is around 62,700, down 8.2% on the day, with a low of 62,568. It also lost the 200-week moving average, around 67,900, and more than $1.2 billion in positions were liquidated over 24 hours. $ETH fared even worse, at 1,720, down 10.9% on the day.
Honestly, I didn’t expect ETF outflows of this scale—$1.9 billion over seven days—to push straight through the 200-week moving average.
Four possible paths today, one sentence each:
1. If it gets back above 68,000 by the weekend and retakes the 200-week moving average, this breakdown was a fake-out; next week, watch the battle for 70,000.
2. If it holds between 62,000 and 65,000 over the weekend, wait for the Fed minutes and Nvidia’s November 17 earnings report to set the direction next week; the bottoming process continues.
3. If it breaks below 62,000 and can’t hold today’s low of 62,568, the next stop is the 60,000 level, confirming six consecutive bearish weekly candles.
4. If ETF outflows continue—$2.35 billion so far in November, with the Fear & Greed Index at 11—treat any bounce as a relief rally and stay out until it gets back above 70,000.
A or B: Will it get back above 65,000 over the weekend, or test 60,000 first?
#WhatWillDriveCryptoandStocksNextRebound #BTC #CryptoNews
Last night I said we’d see whether the price could get back above 73,000 by Sunday’s close. Instead, it plunged straight through 65,000 overnight. The current price is around 62,700, down 8.2% on the day, with a low of 62,568. It also lost the 200-week moving average, around 67,900, and more than $1.2 billion in positions were liquidated over 24 hours. $ETH fared even worse, at 1,720, down 10.9% on the day.
Honestly, I didn’t expect ETF outflows of this scale—$1.9 billion over seven days—to push straight through the 200-week moving average.
Four possible paths today, one sentence each:
1. If it gets back above 68,000 by the weekend and retakes the 200-week moving average, this breakdown was a fake-out; next week, watch the battle for 70,000.
2. If it holds between 62,000 and 65,000 over the weekend, wait for the Fed minutes and Nvidia’s November 17 earnings report to set the direction next week; the bottoming process continues.
3. If it breaks below 62,000 and can’t hold today’s low of 62,568, the next stop is the 60,000 level, confirming six consecutive bearish weekly candles.
4. If ETF outflows continue—$2.35 billion so far in November, with the Fear & Greed Index at 11—treat any bounce as a relief rally and stay out until it gets back above 70,000.
A or B: Will it get back above 65,000 over the weekend, or test 60,000 first?
#WhatWillDriveCryptoandStocksNextRebound #BTC #CryptoNews
