Bitcoin’s latest selloff has pushed the price toward the $68,000 region, putting one of its most closely watched long-term technical support levels back in focus.
Crypto analyst Doctor Profit says the area could mark the bottom of the current correction, pointing to Bitcoin’s 200-week moving average and a Fibonacci support zone near $68,000 to $69,000.
Other traders are taking a more cautious view, arguing that the weekly close will matter more than a brief intraday rebound.
At the time of reporting, Bitcoin was trading near $69,200 after falling to around $67,920 earlier in the session.
Bitcoin falls toward $68,000
Bitcoin dropped roughly 6% over 24 hours, with its trading range stretching from approximately $73,540 to a low near $67,920.
The decline pushed BTC back toward price levels that have historically attracted attention during deep market corrections.
The $68,000 area is especially significant because Bitcoin’s 200-week moving average was recently estimated near $68,013.
That places the current market directly around one of the cryptocurrency’s longest-running technical indicators.
Doctor Profit calls $68K the Bitcoin bottom
Doctor Profit said in a November 13 post that the bottom had formed around $68,000.
He described the 200-week moving average as one of the strongest historical signals for identifying Bitcoin bear-market lows.
The analyst said he was placing large buy orders around the level.
His bullish case is based largely on Bitcoin’s historical behavior around this long-term average.
Why the 200-week moving average matters
The 200-week moving average tracks Bitcoin’s average price over roughly four years.
Because it moves much more slowly than shorter-term indicators, traders often use it to assess Bitcoin’s long-term trend rather than daily volatility.
In previous market cycles, Bitcoin has traded near or below the 200-week average during major bear-market bottoms.
That historical pattern is why analysts pay close attention when BTC approaches it.
Historical support does not guarantee a bottom
Previous rebounds from the 200-week moving average do not prove that the same thing will happen again.
Market conditions change.
Liquidity, institutional ownership, ETF flows, leverage and macroeconomic conditions are very different from earlier Bitcoin cycles.
The indicator therefore provides a historical reference rather than confirmation that the selloff has ended.
Doctor Profit also points to a Fibonacci support zone
The analyst highlighted another technical area near the same price.
He said Bitcoin was trading around a Fibonacci retracement region known by traders as the Golden Pocket.
He placed that area roughly between $68,000 and $69,000.
When several technical indicators cluster around the same price, traders often treat that area as more significant.
Analyst admits earlier $80K long was wrong
Doctor Profit also acknowledged that an earlier bullish position around $80,000 had failed.
He said he had been wrong about that entry while maintaining his broader bullish outlook.
That admission is notable because it shows the $68,000 call is a revised view following a deeper-than-expected correction.
Bitcoin already lost its 50-week moving average
The move toward $68,000 followed a breakdown below shorter-term weekly support.
Previous analysis placed Bitcoin’s 50-week moving average around $75,157.
Once BTC lost that level, attention shifted toward the 200-week moving average.
The move reflects a significant deterioration in momentum.
Daan Crypto Trades says weekly close matters more
Daan Crypto Trades also highlighted Bitcoin’s return to its 200-week simple and exponential moving averages.
But his interpretation was more cautious.
He said Bitcoin reached those levels earlier in the cycle than he had expected.
He had anticipated the low-to-mid $70,000 region to provide stronger support.
Intraday breaks can be misleading
Daan emphasized that Bitcoin can temporarily move below a major support level and still recover before the weekly candle closes.
That makes weekly closing prices important.
A brief dip below the 200-week average may look bearish on a short-term chart.
A strong recovery before the weekly close could create a very different technical picture.
Existing spot buyers may tolerate deeper losses
Daan said most of his earlier spot Bitcoin purchases were made between $60,000 and $70,000.
He also indicated he had not planned to sell those holdings even if the price fell further.
That highlights a difference between leveraged trading and spot investing.
Spot positions do not face automatic liquidation simply because the price declines.
Merlijn sees $60,000 as a key invalidation level
Analyst Merlijn The Trader compared the current correction with a pattern he identified in 2023.
His analysis suggested that a roughly 9% decline below a previously established base would place Bitcoin near $68,000.
However, his bullish scenario would not be invalidated until a weekly close below $60,000.
That gives his analysis considerably more downside room than Doctor Profit’s more immediate bottom call.
$60K could become the next major technical debate
If Bitcoin fails to hold the current support region, traders may begin focusing more heavily on the $60,000 area.
That does not mean BTC is guaranteed to fall there.
But the level is increasingly relevant as analysts define where their bullish theses would fail.
Technical analysis often becomes most useful when it identifies clear invalidation levels rather than only upside targets.
Peter Schiff says Bitcoin is already in a long-term bear market
Gold advocate Peter Schiff rejected the bullish interpretation entirely.
He argued that Bitcoin is in a long-term bear market and pointed to the fact that BTC was trading near the price of its November 2021 high.
Bitcoin reached roughly $69,000 during that earlier cycle.
The return to a similar price more than five years later formed the basis of Schiff’s criticism.
Schiff questions Bitcoin’s long-term performance
Schiff argued that investors holding Bitcoin since the 2021 peak may be disappointed to see the cryptocurrency trading around the same nominal price years later.
He interpreted that as evidence that Bitcoin’s long-term trend has weakened.
Bitcoin supporters disputed that conclusion.
Bitcoin supporters point to earlier cycle behavior
Bitcoin podcaster Stephan Livera responded by noting that Bitcoin had also traded below its previous 2017 record during November 2022.
Bitcoin later recovered substantially from those levels.
The counterargument is that briefly revisiting a prior-cycle high does not by itself establish a permanent long-term downtrend.
The debate shows why the same price can support opposite narratives
Around $68,000 to $69,000, bullish and bearish analysts are looking at the same chart and reaching very different conclusions.
Bulls see:
- Historic moving-average support
- Fibonacci support
- Heavy liquidation
- Potential seller exhaustion
Bears see:
- Broken weekly support
- Weak demand
- Negative liquidity trends
- A return toward the 2021 peak
The market still has to decide which interpretation proves more accurate.
Michaël van de Poppe is buying the dip
Michaël van de Poppe also said he added Bitcoin during the November 13 decline.
He described the move as unusually stretched to the downside.
He also pointed to a liquidity sweep around a major long-term moving average.
His short-term outlook calls for a possible recovery toward approximately $72,000 to $74,000.
$72K–$74K becomes the first rebound target
If Bitcoin stabilizes around $68,000 to $69,000, the low-to-mid $70,000 range could become the first meaningful recovery zone.
That area previously acted as support before the latest breakdown.
Once support fails, it can turn into resistance.
Bitcoin may therefore need to reclaim that region before traders become more confident that the correction has ended.
Liquidations have intensified the decline
The latest move has coincided with substantial forced selling.
Previous market data showed approximately $677.5 million in Bitcoin liquidations over a rolling 24-hour period.
Most of those losses affected long positions.
That suggests leveraged traders positioned for higher prices were caught by the sudden decline.
Long liquidations can create a downward feedback loop
When Bitcoin falls, leveraged long positions can reach their liquidation thresholds.
Exchanges then close those positions automatically.
Those forced sales can push the market lower.
That can trigger additional liquidations.
The process can turn an ordinary decline into a much sharper move.
Liquidation-heavy selloffs can also exhaust leverage
There is a bullish interpretation as well.
Once excessive leverage is removed, the market may become less vulnerable to additional forced selling.
That does not guarantee an immediate rebound.
But a large liquidation event can sometimes mark the later stages of a correction if spot buyers begin absorbing the remaining supply.
ETF withdrawals remain a major headwind
U.S. spot Bitcoin ETFs have continued recording outflows.
November 11 reportedly produced approximately $299.8 million in net withdrawals.
BlackRock’s IBIT accounted for roughly $269.7 million of that amount.
Persistent ETF selling removes an important source of institutional demand.
BlackRock outflows are especially significant
IBIT is one of the largest U.S. spot Bitcoin ETFs.
Large withdrawals from the fund can therefore carry more weight than outflows from smaller products.
ETF redemptions do not always translate into an identical amount of immediate spot-market selling.
But continued negative flows still indicate weakening institutional demand.
Exchange order books show buying interest near current levels
Glassnode reported buy orders between approximately $68,000 and $72,500 on major exchanges.
That supports the idea that some investors see the current region as attractive.
However, visible buy orders are not the same as completed long-term accumulation.
Orders can be canceled.
They can also be overwhelmed if selling becomes stronger.
$68K–$72.5K is emerging as a major battleground
The cluster of buy orders overlaps with the technical support levels highlighted by analysts.
That makes the region particularly important.
If buyers consistently absorb selling there, it could support a short-term bottom.
If the orders disappear or prove insufficient, Bitcoin could move lower.
Stablecoin liquidity continues to contract
Glassnode reported that stablecoin supply fell by approximately $14.2 billion during the 30 days through November 9.
Stablecoins are widely used as trading capital throughout crypto markets.
A contraction suggests less immediately available dollar-like liquidity may be circulating through the ecosystem.
That can make it harder for buyers to absorb large amounts of selling.
Weak stablecoin liquidity challenges the bullish case
Even if Bitcoin reaches a historically important technical support level, a sustained recovery still requires buyers.
Technical support is more reliable when liquidity is improving.
Shrinking stablecoin supply suggests the broader liquidity environment remains difficult.
That means a bounce from $68,000 would still need confirmation from stronger capital inflows.
CryptoQuant Bull Score falls to zero
CryptoQuant’s Bull Score Index fell to zero in its November 11 update.
The indicator combines 10 market and on-chain measures.
At zero, none of those indicators registered a bullish signal.
That represents an extreme deterioration in market conditions.
A zero Bull Score can be read in two ways
From a bearish perspective, it confirms that market conditions are extremely weak.
From a contrarian perspective, extremely negative sentiment can sometimes appear near important bottoms.
The indicator itself does not tell traders which interpretation will win.
It simply shows that the market is deeply bearish across several tracked measures.
Sentiment alone cannot confirm the bottom
Markets can remain oversold or fearful for longer than traders expect.
A deeply bearish indicator does not automatically mean prices must rebound.
For a more convincing bottom, traders may look for evidence such as:
- ETF inflows returning
- Stablecoin supply stabilizing
- Spot demand increasing
- Liquidation pressure fading
- Weekly support holding
Until those changes occur, the bottom remains uncertain.
Why the weekly close matters so much
Bitcoin trades continuously.
That creates many temporary price moves.
A market can fall sharply during the week and recover before Sunday’s close.
Long-term technical traders therefore place greater weight on weekly candle closes.
A close back above the 200-week average would strengthen the support argument.
A decisive close below it could increase bearish pressure.
What would strengthen the $68K bottom case?
Several developments would make the bullish argument more convincing.
A strong weekly close:
Bitcoin holding above its long-term moving averages would suggest buyers defended the level.
Reduced ETF outflows:
Institutional selling needs to slow.
Stablecoin stabilization:
Improving liquidity would give buyers more capital.
Lower liquidation pressure:
Fewer leveraged positions would reduce forced selling.
Recovery above $72K–$74K:
Reclaiming lost support would improve short-term momentum.
What would weaken the bottom thesis?
The $68,000 bottom call would become less convincing if Bitcoin continues closing below long-term support.
Other warning signs would include:
- Accelerating ETF outflows
- Continued stablecoin contraction
- Another major liquidation wave
- Weak spot demand
- Failure to recover $72,000
A sustained breakdown could shift attention toward lower support zones.
$60,000 could become a deeper downside reference
Some analysts are allowing for a much wider correction before abandoning their long-term bullish view.
Merlijn’s $60,000 weekly-close invalidation is one example.
The level is not a forecast.
It is a point where his technical framework would no longer support the same bullish interpretation.
That distinction is important.
Is $68K really the Bitcoin bottom?
The honest answer is that it cannot yet be confirmed.
Bitcoin is trading around a historically important support region.
The 200-week moving average has played an important role in previous cycles.
Buy orders are also visible in the broader $68,000 to $72,500 range.
But the fundamental market environment remains weak.
ETF outflows continue.
Stablecoin liquidity is contracting.
CryptoQuant’s Bull Score is at zero.
Those factors mean the market could still test lower levels before forming a durable bottom.
Final thoughts
Bitcoin’s drop toward $68,000 has created one of the most important technical tests of the current cycle.
Doctor Profit believes the bottom is already in, pointing to the 200-week moving average and the $68,000 to $69,000 Fibonacci support region.
Other analysts are less certain.
Daan Crypto Trades wants to see the weekly candles hold the area.
Merlijn allows for a much deeper decline before invalidating his bullish thesis.
Peter Schiff believes Bitcoin is already in a long-term bear market.
The next few weekly closes should provide more useful evidence than the first intraday bounce.
If Bitcoin holds its long-term averages, absorbs the recent liquidation pressure and reclaims the $72,000 to $74,000 region, the $68,000 bottom argument will become stronger.
If the support fails while ETF outflows and liquidity contraction continue, the market may still have another leg lower.
For now, $68,000 is an important support zone—not a confirmed bottom.
Disclosure: This article is for informational and educational purposes only and does not constitute investment advice.
