Bitcoin Drops Below $74,000: Analyst Highlights Risks of Decline to $70,000

Bitcoin (BTC) continued its decline after unsuccessful attempts to recover above $75,000. In a technical analysis on November 10, Shayan Markets noted a weakening price structure on the daily and four-hour charts, and highlighted levels that could determine the cryptocurrency's further movement. After the review was published, BTC briefly dropped to around $72,760 but then recovered to the $73,800 area.

According to the analyst, the risk of a deeper correction remains, as Bitcoin failed to hold above previously passed demand zones. However, a possible decline below $70,000 remains a conditional scenario rather than a confirmed forecast.

Important Levels on the Daily Bitcoin Chart

On the daily chart, BTC lost the $75,000–78,000 area, which previously acted as a demand zone. The previous attempt to recover to $81,000 ended with a pullback, after which the price continued to form lower local highs and lows. This sequence indicates the continuation of a short-term downward impulse.

In the initial analysis, the nearest important reference was the lower boundary of the ascending channel around $73,000. A sustained break of this line could increase the risk of further decline and bring attention to the $67,800–69,800 zone. According to the author's markup, increased trading activity was previously observed in this range during the August rally.

After the material was published, BTC already dropped below $73,000 but ended November 10 above this mark. Therefore, one intraday decline does not allow the channel boundary break to be considered definitively confirmed. The ability of the price to hold above this level or settle below it will have further significance.

To improve the technical picture, the analyst considers it necessary to recover above $75,000. A more sustainable signal, according to his markup, would require BTC to return to the range above $78,000, where an important demand zone previously existed.

What the Four-Hour Chart Shows

On the four-hour chart, Bitcoin broke the lower boundary of the local descending channel and the area of previous consolidation. After dropping to approximately $73,500, buyers attempted to return the price to $75,500, but the recovery was short-lived. As a result, the former support in the $75,500–77,000 area began to act as resistance.

As long as BTC remains below this zone, the analyst allows for repeated tests of lower price levels. If the decline continues, attention may shift to the $73,000 area and then to the $67,800–69,800 range. However, these references are based on graphical analysis and do not guarantee that the price will reach them or reverse after reaching them.

An alternative scenario suggests a sustained return of Bitcoin above $75,500–77,000. In this case, the nearest area of potential recovery would be the $79,000–80,000 range. More serious resistance, according to the author's assessment, is located in the $79,800–82,000 zone.

How Liquidations Can Affect BTC Movement

An additional factor of volatility remains the positions of leveraged traders. The liquidation map from Binance, presented in the analysis on November 10, showed a cluster of potential long position closures in the $73,000–73,500 area. If the price drops through this zone, exchange liquidations could intensify the short-term downward movement.

Above the market, the analyst highlighted a cluster of estimated short position liquidations around $76,500–77,500, as well as a higher concentration in the $81,000–82,000 range. If the price recovers, passing through such areas may be accompanied by forced closures of short positions, which could temporarily boost growth.

However, the heat map reflects the estimated location of positions, not guaranteed future liquidations. Its data changes as trades are opened and closed, so the levels from the November 10 review may lose relevance.

As of November 11, Bitcoin remains below the main resistance zones highlighted by the analyst. To assess further dynamics, it is necessary to consider new daily and four-hour candle closures, actual trading volumes, and updated open interest indicators. The possibility of moving below $70,000 remains, but it is not predetermined.