#BitcoinDropsBelow$70K

The break of the 70,000 dollar level was not read as a price move alone, and the market priced this break as a sign of a period in which fear regained power.

On 13 November, Bitcoin fell below the 70,000 dollar level, this move was seen for the first time since 19 August, it fell to the 67,628 dollar level with a fall of up to 5.4 percent in the day, and on 14 November the fall went on to the 66,456 dollar level.

The weekly picture also shows the size of the pressure, because Bitcoin shows a loss of up to 11 percent in the week, the fear and greed gauge fell to the 20 level and entered the extreme fear zone, and Ethereum, the second largest coin, fell below the 2,000 dollar level and saw the 1,891 dollar level.

There is no single cause behind the fall, because inflation worry and the hope of a rate rise pushed the dollar to its highest level in 19 months, the fall in technology shares and the leadership change in the artificial intelligence field weakened risk appetite, and this mix raised selling pressure on crypto coins.

On the liquidation side, the picture shows how fragile leveraged trades were, because about 1.6 billion dollars of positions were liquidated in 24 hours, most of this liquidation came from long trades, and 1.07 billion dollars of outflow was seen from spot Bitcoin funds in the week.

For this reason, when we watch this fall, rather than focus only on the break of the 70,000 dollar level, to judge together whether the 66,500 dollar and 65,000 dollar supports hold or not, whether the 70,000 dollar level is regained or not, and how hopes for the rate meeting in December take shape, will give a far healthier and more whole view.

In the end, the fall below the 70,000 dollar level should be seen not as a cause of an end for the market, but as a threshold where fear gained power and the leveraged structure was tested, and choices at this threshold should take shape with a staged, disciplined, and long term view rather than with sudden moves based on one move, which stands out as the most right approach for both the guard of capital and a healthy reading of chances.

The market rewards patience and calm in each strong period as it does in this period, tiring those who fall into noise, while it makes the road look clearer for those who read the move with a whole view and make choices with calm judgment rather than with mood.

#BitcoinDropsBelow$70K
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