Is the Bitcoin bottom near $68K? BTC fell about 6% to test its 200-week moving average. Here is what analysts say and the key levels traders are watching.
Is a Bitcoin bottom forming near $68,000? That is the question traders asked on November 13, 2026, after BTC slid toward $68K and tested its 200-week moving average. One analyst says this long-term line has marked bear-market lows in the past, and he has started buying. Others are more careful and want to see how the week closes.
According to crypto.news, Bitcoin was trading near $69,200 at the time of writing, down about 6% over 24 hours. The daily low was close to $67,920, while the 24-hour high reached about $73,540. The drop came after BTC lost several key support levels earlier in the week.
Table of Contents
What Happened to Bitcoin This Week
The fall was sharp and fast. Bitcoin dropped below $70,000 and moved straight into a zone that many long-term traders watch closely. The 200-week moving average sat near $68,013, based on analysis from November 12 cited in the report. The 50-week moving average was much higher, near $75,157.
When the price lost the 50-week line, the next big level below was the 200-week line. That is why so much attention turned to the $68K area as a possible Bitcoin bottom. Whether a Bitcoin bottom is in place now depends on whether buyers defend this zone.
The selling also hit leveraged traders. About $677.5 million in liquidations were recorded over a rolling 24-hour period, and most of them were long positions. For related coverage, see our report on Bitcoin slipping below $70K.
Why Analysts Point to a Bitcoin Bottom Near $68K
The main argument comes from crypto analyst Doctor Profit. In a post on X on November 13, he said the bottom was in at $68K. His reason is simple: the weekly 200-period moving average has been a reliable signal of bear-market bottoms in past cycles.
He said he was placing large buy orders in this zone. He also admitted that he was wrong on an earlier long trade opened at $80K, but said he remains bullish. He pointed to a so-called “Golden Pocket” between $68,000 and $69,000. His orders were triggered after Bitcoin lost the 50-week moving average.
What Is the 200-Week Moving Average?
A moving average smooths out price swings by taking the average closing price over a set period. The 200-week moving average covers roughly four years of weekly closes. Because it spans almost a full Bitcoin market cycle, many traders treat it as a long-term floor.
In past bear markets, Bitcoin has often dropped close to this line before a longer recovery began. That history is why some analysts see a test of it as a possible Bitcoin bottom signal. However, past patterns do not guarantee the same outcome this time.
Other Views on the Bitcoin Bottom Debate
Not everyone agrees that the low is confirmed. Here is how several well-known voices in crypto see the move:
- Daan Crypto Trades said BTC returned to its weekly 200 MA and EMA sooner than he expected. He had thought the low-to-mid $70Ks would hold better. He said weekly candles need to hold this area and that weekly closes matter more than intraday moves. He added that most of his spot BTC was bought between $60K and $70K earlier this year, and he does not plan to sell.
- Merlijn The Trader compared the move to a 2023 pattern. He said a further 9% drop beneath a prior base would put the 2026 retracement near $68K. He said a weekly close below $60K would cancel his bullish view.
- Michaël van de Poppe said he bought more BTC during the November 13 decline. He described the move as a liquidity sweep around the 200-day moving average and suggested a possible rebound to $72,000 to $74,000.
The Bear Case
Gold advocate Peter Schiff said Bitcoin is in a long-term bear market because it traded below its November 2021 peak of around $69K. Podcaster Stephan Livera disputed that comparison. He noted that BTC also traded below its 2017 record in November 2022, before it later recovered.
This back-and-forth shows that a Bitcoin bottom call is still a matter of opinion. No one can confirm a Bitcoin bottom until the price has moved away from it.
Key Bitcoin Bottom Levels to Watch
The table below lists the main price levels mentioned in the report and why traders care about them.
| Level | Why it matters |
|---|---|
| About $75,157 | 50-week moving average, lost earlier this week |
| $73,540 | Approximate 24-hour high |
| $72,000 to $74,000 | Possible rebound zone named by Michaël van de Poppe |
| $68,000 to $72,500 | Buy orders spotted by Glassnode on major exchanges |
| $68,000 to $69,000 | “Golden Pocket” zone named by Doctor Profit |
| About $68,013 | 200-week moving average |
| About $67,920 | Daily low on November 13 |
| $60,000 | Weekly close below this would cancel Merlijn’s bullish view |
What On-Chain and ETF Data Show
The wider data picture is mixed. On November 11, on-chain analytics firm Glassnode identified buy orders between $68,000 and $72,500 on major exchanges. That suggests some demand is sitting near current prices, which supports the Bitcoin bottom case. At the same time, Glassnode said stablecoin supply contracted by $14.2 billion in the 30 days through November 9. Fewer stablecoins can mean less fresh cash waiting to enter crypto.
CryptoQuant’s Bull Score Index fell to zero on November 11, its most bearish reading. The index combines 10 market and on-chain indicators, and none of them showed a bullish signal.
Spot Bitcoin ETF Flows
Institutional demand also looked weak. US spot Bitcoin ETFs had $299.8 million in net outflows on November 11, including $269.7 million from BlackRock’s IBIT, according to Farside Investors. For the full picture on fund flows this year, read our story on Bitcoin ETFs turning negative for 2026 and the CoinDesk report on year-to-date outflows.
What a Bitcoin Bottom Would Mean for Investors
If the $68K zone holds on a weekly closing basis, many traders may treat it as confirmation that a Bitcoin bottom has formed. That could bring buyers back and support a move toward the higher levels named above. If it fails, analysts have pointed to lower levels, with $60K standing out as a key line for some bulls.
For investors in New Zealand and elsewhere, a few practical points apply:
- Watch weekly closes, not single candles. Several analysts stressed that intraday dips matter less than where the week ends.
- Be careful with leverage. Hundreds of millions of dollars in long positions were wiped out in one day. Leverage can turn a normal swing into a total loss.
- Think in ranges. Instead of trying to buy the exact low, some investors spread purchases over time. This is often called dollar-cost averaging.
- Check currency effects. Kiwi investors buy BTC in New Zealand dollars, so exchange-rate moves also change returns. See our update on the New Zealand dollar’s three-day slide.
How Support Levels Work in Crypto
A support level is a price area where buying has been strong enough in the past to stop a fall. Traders place orders around these zones, which can make them self-fulfilling for a while. When support breaks, those same buyers may sell, and the price can drop quickly to the next level.
Moving averages, past highs and lows, and round numbers such as $70,000 often act as support or resistance. The current test is important because several of these overlap in the $68K to $70K range. That overlap is why so many people are asking whether a Bitcoin bottom is close.
Frequently Asked Questions
Is the Bitcoin bottom in at $68K?
Analyst Doctor Profit says yes, based on the 200-week moving average. Others, including Daan Crypto Trades, say the weekly close needs to hold this zone first. A Bitcoin bottom can only be confirmed after the fact.
Where was Bitcoin trading on November 13?
BTC was near $69,200, down about 6% in 24 hours, after a daily low near $67,920, according to crypto.news.
What is the 200-week moving average for Bitcoin now?
Analysis cited in the report put it near $68,013, while the 50-week moving average was near $75,157.
What level would cancel the bullish view?
Merlijn The Trader said a weekly close below $60K would invalidate his bullish outlook.
This article is for information only and is not financial advice.
