PiCK
Bitcoin Falls Below $70,000, Down 13% in a Week
Doohyun Hwang
Summary
- Bitcoin fell into the $60,000 range during trading after losing the $70,000 level.
- The decline left Bitcoin about 13% below its closing price on Nov. 5.
- Selling pressure continued as concerns over Nvidia's management stability, worries about additional US monetary tightening, weak spot buying and futures liquidations overlapped.
Forecast Trend Report by Period
Bitcoin fell into the $60,000 range during trading after slipping below the $70,000 mark. It was the first time Bitcoin traded under $70,000 in Binance's Tether market since Aug. 20.
On Nov. 12, Bitcoin dropped as low as $69,722 during intraday trading on Binance. It later recouped part of the loss but was still trading in the $69,800 range.
The day's low was about 13% below the Nov. 5 close of $80,504.01. Downward pressure persisted as concerns over Nvidia's management stability and the prospect of additional US monetary tightening coincided with weak spot buying and futures liquidations.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀