Bitcoin fell below $74,000 on the night of November 9, 2026, triggering a surge in cryptoasset futures liquidations to more than $1 billion. The move also left bitcoin below its 50-week moving average after seven consecutive weeks above that level, a pattern Galaxy Digital’s head of research, Alex Thorn, compared with two previous bear-market periods.

The price move was reflected in the BTC/USDT chart on Binance, sourced from TradingView. Liquidation-market data were sourced from CoinGlass.

Bitcoin closes below 50-week average

In a November 9 post, Thorn said similar weekly closes occurred in 2011-2012 and 2019-2020. In both cases, bitcoin closed below its 50-week moving average after reclaiming the level following a bear-market bottom.

Thorn said bitcoin did not establish a new lower low for the bear cycle on weekly closing data in either of those earlier periods.

Fear index approaches extreme levels

Analyst Darkfost also pointed to worsening market sentiment. According to Darkfost, the Fear & Greed Index had fallen below 30 points and was approaching the extreme fear zone.

In the short term, rising fear remains a negative signal because investor capitulation often occurs during such periods. Over the medium and long term, however, market weakness can create opportunities to build or adjust bitcoin positions gradually, according to the analysis.

Darkfost said the Fear & Greed Index is less useful for measuring sentiment during bear markets because fear can dominate throughout the cycle. The indicator becomes a more informative benchmark after market momentum shifts in a more positive direction, the analyst said. The index data were sourced from Alternative.

Earlier, “Rich Dad Poor Dad” author Robert Kiyosaki said he could not wait for bitcoin to crash.

Source: Incrypted