Bitcoin broke below its 200-week line on Saturday. The bitcoin price stood at around $65,700 at about 4:50 pm Central European Time, roughly €59,600, after falling as low as $65,020 during the day. That is the lowest intraday low since August 19. The largest cryptocurrency lost a little more than 4 percent in 24 hours and around 13 percent over seven days. Bitcoin had only reached the line at just under $67,800 on Friday evening; the price now sits a good $2,000 below it.
Three numbers define the day: liquidations of more than $1.2 billion in 24 hours, a seventh straight day of outflows from US spot ETFs and a Fear and Greed Index reading of 13, the lowest since early July. None of these figures predicts how far bitcoin can fall. They do show which levels now matter and where the selling pressure is coming from.
Bitcoin price on Saturday evening: $65,700 and an intraday low of $65,020
The slide did not start today. On November 7, bitcoin still closed at $75,747, on November 12 at $71,374 and on November 13 at $68,226. Saturday opened at $68,228, with a high of $68,370. From there the price fell almost without a rebound to $65,02...
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