Why Is Bitcoin (BTC/USD) Moving Today Below the Pivot

Market news Bearish bias Nov 12, 2026, 01:01 UTC

Marcus ReedTechnical Analysis Lead · ForexR analyst

Bitcoin (BTC/USD) trades at 73947.95 in Asia, between S1 at 73361.04 and the daily pivot at 74039.79, down 0.49% on the day with daily, four-hour, and one-hour trends all down.

Bitcoin (BTC/USD) sits below the daily pivot in Asia

Bitcoin (BTC/USD) last prints at 73947.95 in the Asia session, between S1 at 73361.04 and the daily pivot at 74039.79. The evidence leans lower: the daily, four-hour, and one-hour trends are all down, and price is below the 200-day exponential moving average at 76180.21. Nearest resistance is the daily pivot at 74039.79, 91.84 dollars above the last print. Nearest support is S1 at 73361.04, 586.91 dollars below.

On the day, Bitcoin is down 363.25, or 0.49 percent, versus the previous close at 74311.2. The day high is 74478.48 and the day low is 73381.17. That range of 1097.31 dollars is 48 percent of the 14-day average true range of 2283.09 dollars. The day's open is 74316.04. London opens at 07:00 UTC.

ETF selling and treasury-firm buying in the newsflow

Reports from Tokenpost and CryptoSlate focus on selling in spot bitcoin ETFs, and CryptoSlate also describes large holders adding coins. Tokenpost separately covers bitcoin treasury firms buying less against their sales, plus other corporate trading-platform news. These are topics being reported, not demonstrated drivers of price.

News volume is at 138 percent of the 90-day average. The opportunity reading is bearish at -52.

Trend, pivot ladder, and prior-day range

The daily 20-period exponential moving average is at 77277.66 and the 50-period at 78790.46, with daily RSI at 37.2. On the four-hour chart the trend is down, with the 20-period exponential moving average at 74364.68 and the 50-period at 75501.43. The one-hour trend is down as well, with the 20-period exponential moving average at 74009.82 and the 50-period at 74117.48.

Over five days Bitcoin is down 2.36 percent; the five-day high is 76148.43 and the five-day low is 72626.12. Over twenty days it is down 8.9 percent, with the 20-day high at 81950.61 and the 20-day low at 72626.12.

The daily pivot is 74039.79. Resistance above that ladder is R1 at 74989.96, R2 at 75668.71, and R3 at 76618.88. Support below is S1 at 73361.04, S2 at 72410.87, and S3 at 71732.12. Yesterday's high is 74718.55 and yesterday's low is 73089.63. The nearest round number above is 74000; the nearest round number below is 73000.

As of the week to November 3, large speculators were net long Bitcoin (BTC/USD). That same week, speculators reduced net long Bitcoin (BTC/USD), with the net position at 2230 contracts, down 490 from the week before, and speculators 53.8 percent long and 46.2 percent short.

Conditional paths from here

If S1 at 73361.04 gives way, S2 at 72410.87 would be the next mapped level; that case falls away if price climbs back above the daily pivot at 74039.79. A break above R1 at 74989.96 would open the way to R2 at 75668.71; a move back below the daily pivot at 74039.79 would invalidate that view.

What is on the calendar today

The US economic calendar today starts with Initial Jobless Claims at 13:30 UTC, previous 189 and estimate 195. Fed's Hammack speech is today at 14:00 UTC. Fed's Barr speech is today at 15:00 UTC, the same time as Existing Home Sales Change (MoM), previous 1.5. Fed's Goolsbee speech is today at 16:30 UTC, Fed's Daly speech today at 18:10 UTC, and Fed's Schmid speech today at 18:30 UTC. The Monthly Budget Statement is today at 19:00 UTC, previous -27 and estimate -298.6. Fed's Williams speech is today at 23:30 UTC.

Bottom line

Bitcoin (BTC/USD) is 73947.95 in Asia, down 0.49 percent on the day, below the daily pivot at 74039.79 and above S1 at 73361.04, with all three mapped timeframes in a downtrend. London opens at 07:00 UTC, and the US schedule today stacks jobless claims, home sales, the budget statement, and six Federal Reserve speeches.