Bitcoin (BTC) closes with further breakdown amidst 4-hour chart bearish price structure

Since the previous post, the Binance spot 4-hour candle confirmed at 08:00 UTC on November 10 closed at $74,848.60, marking a further breakdown below the previous swing low. This continues a bearish price structure with successively lower highs and lower lows. The 4-hour chart's ADX is at 42, indicating that the strength of the trend remains high. Note that the ADX only measures trend strength; the bearish direction is confirmed by the price structure itself, with prices falling below the previous 20-bar low and swing low. Externally, TokenPost (https://www.tokenpost.kr/news/breaking/435917?utm_source=tradingview&utm_medium=rss)를) reported that $83.77 million in futures positions were liquidated across Binance, Bybit, and OKX over one hour, with 96% of these being long positions. However, it cannot be concluded that these liquidations were the direct cause of this candle's breakdown. The next interpretation will depend on whether the future 4-hour confirmed close moves above the previous high of $76,200.00 to reverse the bearish flow, or closes below the support level of $73,510.00, leading to a further breakdown.

Trend Strength and Market Indicators

Since the previous post, Bitcoin's Binance spot 4-hour candle closed at $74,848.60, marking a further breakdown below the previous 20-bar low. The 4-hour chart's ADX is at 42, showing that the current trend strength remains high, and the bearish direction is confirmed by the price structure of consecutive lower highs and lower lows. Additionally, the 1-hour Relative Volume (RVOL) is 5.11, and the percentage of assets trading above the 50-day EMA is 0%, indicating that the overall market's rebound momentum has weakened. Externally, news broke via TokenPost (https://www.tokenpost.kr/news/breaking/435923?utm_source=tradingview&utm_medium=rss)를) that the U.S. October CPI exceeded expectations, and TokenPost (https://www.tokenpost.kr/news/breaking/435917?utm_source=tradingview&utm_medium=rss)는) reported that $83.77 million in futures positions were liquidated across Binance, Bybit, and OKX in one hour, with 96% being long positions. However, the timing of the report coinciding with price movement does not mean it was the sole cause of the candle's breakdown. In the short term, whether the 1-hour chart close holds above the range low of $74,177.37 serves as the benchmark for the next move.

Binance BTC/USDT Spot. 1-hour candle confirmed close at 14:00 UTC on 11-10 (23:00 KST on 11-10). Ongoing candles are not included. The confirmed close of 73,748.88 is below the lows of 74,115.65 and 74,379.05, and below the high of 74,996.01. A close above the high of 74,996.01 is required to open up the upside; consecutive closes below those lows maintain the breakdown.

Meaning of Price Structure and Indicators

Since the previous post, Bitcoin's Binance spot 4-hour candle closed at $74,848.60, falling below the previous 20-bar low. The 4-hour chart's ADX is at 42, indicating that the trend strength remains high, but this number itself does not signal a bearish direction. The actual bearish flow is confirmed by the price structure itself, as the candle closes repeatedly break past swing lows, creating lower highs and lower lows. Furthermore, with the 1-hour Relative Volume (RVOL) increased to 5.11, the fact that the closing price formed at the bottom 18% of the candle range indicates that selling pressure is dominant. In the derivatives market, based on TokenPost (https://www.tokenpost.kr/news/breaking/435917?utm_source=tradingview&utm_medium=rss) data, $83.77 million in futures positions were liquidated across Binance, Bybit, and OKX over one hour, with 96% concentrated in long positions, supporting the downward tilt.

Benchmarks for the Next Move

The bearish price structure conditions identified in the previous post remain in effect for this confirmed candle. The 4-hour chart close continues to stay below the previous swing low, maintaining the lower highs and lower lows pattern. Macro inflation concerns and the liquidation of long positions in the futures market also point in the same direction as this price structure. This flow will lead to further breakdown if the Binance spot 4-hour candle closes below $73,510.00, and the current bearish interpretation can only be changed if it closes above $76,200.00.