Bitcoin Slips Below $75K as Analyst Flags 2023 Pattern

Bitcoin fell below $75,000 for the first time since August, deepening pressure on an already fragile crypto market. The move followed a sharp retreat from $80,000 and raised a question for traders: is BTC entering a deeper correction, or repeating its 2023 recovery? On Nov. 6, Bitcoin dropped about 6.4%, from roughly $80,307 to nearly $74,800, before recovering slightly to around $75,600. Heavy selling in technology, semiconductor and AI stocks rippled across global markets. A stronger-than-expected US Initial Jobless Claims report added to the pressure: claims fell to 189,000 versus expectations of 197,000, signaling continued labor-market strength and reducing hopes for easier monetary policy. The selloff triggered heavy liquidations. CoinGlass data showed 111,345 traders were liquidated over 24 hours, with total losses of $427.18 million. Long positions accounted for nearly $327 million, or about 76.7% of the total. Crypto analyst Ash Crypto sees similarities between the current Bitcoin weekly chart and its 2023 setup. In 2023, Bitcoin traded between its weekly 50-week and 100-week moving averages before breaking above that range and starting a major rally. BTC is again moving between those averages after rejection near the 100-week moving average around $87,400. Ash Crypto identifies the 50-week moving average near $75,500 as first major support. The 200-week moving average around $67,800 is another level to watch if Bitcoin falls further. The analyst also cites stronger buying demand below $75,000 compared with the previous low, describing it as a positive difference in market demand and one of his strongest buy signals. Bitcoin needs to hold above $75,500 to keep the current chart setup intact. If buyers defend that level, price could first test resistance near $82,000. A stronger recovery above $82,000 could bring the 100-week moving average near $87,400 back into focus. The weekly RSI is around 50, still above the usual bear-market zone. The Stochastic RSI is weakening, leaving room for another drop.