Bitcoin falls below $72,000 as selling puts $70,000 in focus - Crypto News

Bitcoin traded near $71,421 on Nov. 12, down 3.50% for the session and losing a critical support level.

The price slipped below $71,500, a level flagged by trader Jesse Olson as vulnerable to further selling.

The decline followed several unsuccessful attempts to regain ground during the week, with Bitcoin repeatedly forming lower recovery peaks before breaking through $73,000 and $72,000.

Technical breakdown

Bitcoin was trading below the daily lower Bollinger Band at $71,978, a move that can accompany a stretched decline.

Its 20-day simple moving average stood at $77,338, leaving the price roughly 7.7% below that reference.

The daily Average Directional Index stood at 23.30 and had begun turning upward, suggesting the downward trend was gathering strength.

A recovery above roughly $72,000 would bring price back toward the band, while the falling 20-day average remained considerably higher.

Weekly averages give way

On the weekly chart, Bitcoin was near $71,453, down 4.54% from its weekly opening price.

It was below the 20-week simple moving average at $74,220 and the 50-week SMA at $75,157.

Recovering the $74,200–$75,200 area would reverse the break beneath the two averages.

Below the market, $70,000 was the nearest major round-number reference, followed by the 200-week SMA around $68,013.

Reaching the latter would require a further decline of roughly 4.8% from the weekly snapshot price.

Leverage and money flow

CoinGlass’s heatmap showed prominent remaining liquidation concentrations around $76,300–$76,700 and $77,300–$77,600.

Below the latest price, concentrations were thinner and more scattered toward $70,000.

Weekly Chaikin Money Flow remained positive at 0.10 despite the price decline, suggesting buying pressure persisted within the indicator’s lookback period.

The reading had not prevented Bitcoin from reaching fresh weekly lows.