Bitcoin’s multi-day decline deepened on Nov. 12, 2026, as the price slid below $72,000 and traders began positioning for a potential test of $69,000. According to TradingView data, BTC traded near $71,421 in the daily snapshot, down about 3.50% for the session, after setting an intraday low of $71,255 and a session high of $74,217.
The breakdown followed repeated failed recovery attempts. Technical charts showed Bitcoin slipping below its daily lower Bollinger Band at $71,978 and its 20-day simple moving average at $77,338. The weekly picture was also weakening: BTC fell below the 20-week SMA at $74,220 and the 50-week SMA at $75,157, with the 200-week SMA near $68,013 as the next major reference. Analysts noted the Average Directional Index reading of 23.30 had begun turning upward, suggesting the downtrend was gaining strength.
From a structure perspective, the next major horizontal support is the top of the 2021 bull market at $69,000. If that fails, the real bull market support could be the bull market trendline near $66,000, with a worst-case floor around $60,000.
Further downside levels were highlighted by market participants. Trader Jesse Olson said Bitcoin had reached $71,500 and was breaking below his third target, warning that “long liquidation clusters could speed up the move.” CoinGlass data showed large leverage concentrations above the market around $75,600 to $77,600, while below price, liquidation levels were thinner and more scattered toward $70,000.
Broader market data reinforced the cautious tone. Bitfinex Alpha’s Nov. 11 update said futures open interest rose 3.3% between Nov. 8 and Nov. 11 while Bitcoin fell 2.6%, and it identified $2.22 billion in withdrawals from U.S. spot Bitcoin ETFs across eight sessions starting Oct. 30. Bitfinex also placed the short-term holder cost basis at $75,717 and estimated 1.6 million BTC acquired between $75,000 and $80,000 was being held at a loss.
Some analysts framed the correction as a possible historical repeat. Daan Crypto Trades compared the move to Bitcoin’s first major pullback after the 2023 bear-market recovery, writing that the proportional drawdown was similar, though the current correction had been “much slower and orderly.” Meanwhile, President Trump’s comment that there is no deal on the table for Iran weighed on risk sentiment, with S&P 500 and Nasdaq futures opening lower and Bitcoin already down 4.3% at the time of reporting.
