$BTC 😱😱😱😱
Guys, what is happening with Bitcoin right now deserves our attention. The coin has lost the $70,000 level and has fallen to around $67,000 following a strong selling wave that has lasted for several weeks. Looking at the 3-day chart, we can see that the price has broken below several important moving averages, while the MACD indicator remains in negative territory. In my view, this is not just an ordinary market movement that we can ignore; it is a sign that sellers are still controlling the market.
And this is not just about technical analysis; there are real economic pressures behind this decline. US inflation data for October came in higher than expected, bringing back concerns about interest rate hikes by the Federal Reserve, alongside rising US Treasury yields and a stronger dollar. In addition, spot Bitcoin ETFs have experienced significant outflows, reaching approximately $1.57 billion over five trading sessions, while leveraged long positions have faced a wave of liquidations. All these factors make a recovery more challenging at the moment.
From a technical perspective, I believe the $66,400–$65,000 zone has become one of the most important areas to watch. Losing this range could open the door toward $62,700, and possibly $60,000 if selling pressure continues. On the other hand, if Bitcoin manages to reclaim $70,000, then break above $72,000 and hold above it, we could see a rebound toward $74,000 and then $77,500. Here, we must distinguish between a temporary bounce and a genuine trend reversal.
As for the outlook, the latest CoinShares report places the base-case scenario within a broad range of $60,000 to $90,000, with sideways movement remaining a possibility unless a strong catalyst changes the market's direction. Meanwhile, StoneX analysis highlights $65,000 as an important support level. Personally, I would not rush into buying simply because the price has dropped, and I would not consider every rebound the beginning of a new bull market. I want to see liquidity returning, institutional fund flows improving, and key resistance levels being reclaimed before changing my market outlook.
Here is the question I want to ask you: Do you think Bitcoin is preparing for a strong rebound before the end of November, or are we facing another wave of selling that could take it down to $60,000 or even lower? 📉📈
