Bitcoin (BTC) Tests $73,000 Range Amid Extending Downward Price Structure

Since the previous post, the Binance spot 1-hour candle closing at 14:00 UTC (23:00 KST) on November 10 closed at $73,748.88, dropping below the previous lows of $74,379.05 and $74,115.65. This closing candle shows that the downward price structure—characterized by consecutively lower highs and lower lows—is continuing on the 1-hour chart, failing to surpass the previous high of $74,996.01. Meanwhile, according to https://www.tokenpost.kr/news/breaking/436072?utm_source=tradingview&utm_medium=rss)를TokenPost, news reported $705 million in liquidations across the virtual asset market over a 24-hour period, though this figure, reported around the same time, cannot be definitively cited as the direct cause of this candle's breakout. Future momentum will depend on whether the 1-hour candle closes above the previous high of $74,996.01, reversing this short-term breakout, or if it continues to close below previous lows, maintaining the downward price structure.

Liquidations and On-Chain Flows in the Market

According to https://www.tokenpost.kr/news/breaking/436072?utm_source=tradingview&utm_medium=rss)에TokenPost, $705 million in positions were liquidated across the virtual asset market over 24 hours as Bitcoin slipped below $73,000 following the U.S. October Consumer Price Index (CPI) release. However, just because macro indicator announcements and large-scale liquidations occurred around the same time as the price decline does not mean they can be deemed the direct cause of this candle's move. Regarding fund flows around exchanges, https://coinness.com/news/1175100)를Coinness reported that an anonymous whale address withdrew approximately 1,770 BTC (worth about $128.8 million) from Coinbase Prime to an external wallet, while https://www.tokenpost.kr/news/breaking/436062?utm_source=tradingview&utm_medium=rss)에서는TokenPost also reported that 934 BTC were moved to institutional Coinbase accounts. As large-scale transfers can represent various possibilities—such as simple storage changes or institutional custody processing—it is necessary to remain calm and observe them as part of the market environment, distinct from the confirmed price structure.

Relationship Between Trend Strength and Downward Pressure

Since the previous post, the Binance spot 1-hour candle closing at 14:00 UTC on November 10 closed at $73,748.88, dropping below the previous swing low. The ADX on the 4-hour chart indicates that the current trend strength remains high, and the downward direction is confirmed not by the indicator itself, but by the price structure where candles consistently fall below previous lows, creating lower highs and lower lows. Externally, https://www.tokenpost.kr/news/breaking/436072?utm_source=tradingview&utm_medium=rss)에서TokenPost reported that 24-hour liquidations in the virtual asset market reached $705 million, but news from around that time cannot be conclusively cited as the direct cause of this candle's breakout. The interpretation of the trend will shift depending on whether the 1-hour closing price climbs above the previous high of $74,996.01 to ease downward pressure, or continues to close below the lows, sustaining the downward price structure.

Maintenance of Downward Structure and Next Benchmark

The downward price structure and the conditions for testing support mentioned in the previous post remain intact as the price has lowered without a rebound. This 1-hour chart close also continues the downward structure of consecutively lower highs and lower lows, falling below previous lows. The reported large-scale futures liquidations in the market also align with the downward pressure and point in the same direction as the current price structure. If a future 1-hour candle closes above the previous high of $74,996.01, it will invalidate this bearish interpretation.