From Decrypt · By Jose Antonio Lanz
In brief
U.S. stocks rose Monday as oil prices fell, with traders pricing in roughly an 80% chance of a December Fed rate hike.
CoinGlass showed $1.2 billion in 24-hour liquidations, including $324 million in Bitcoin positions.
Bitcoin’s weekly chart shows support near $74,400 and the first upside hurdle around $76,040.
After a tumultuous week across traditional and digital asset markets, Bitcoin has returned to prices last seen in early August, when the cryptocurrency mounted an impressive 25% gain in a single month.
This time, though, $75,000 looks a bit different for crypto investors, now that BTC is on the way back down. So where does Bitcoin go next? Here’s what the charts look like.
U.S. stocks rebounded Monday as oil prices fell, with the S&P 500 up 1.9% and the Nasdaq Composite up 2.2% by 11:30 a.m. Eastern. Brent crude fell 4.3% to about $94 a barrel, giving the broader market a lift even as Nvidia shares slid in a move that spooked tech investors.
PredictCryptoBTC Lows in November
55,0003%YesNo57,5004%YesNo60,0006%YesNo62,50012%YesNo65,00019%YesNo+5 more outcomes+4 more outcomesNEW$212.35 volumeCloses: Dec 1, 2026, 04:59 UTCCloses: Dec 1, 2026, 04:59 UTCThe Bureau of Labor Statistics is due to release the October consumer price index tomorrow. The report tracks what households pay for goods and services, and it lands after a stronger-than-expected jobs report pushed traders to price in roughly an 80% chance of a quarter-point Federal Reserve interest rate hike in December.
Bitcoin was up 0.7% at $74,559 after touching its lowest level in more than two months. The rebound followed a wave of forced selling in crypto derivatives, with a CoinGlass snapshot showing $1.2 billion in liquidations over 24 hours.
Exchanges liquidate positions when traders can no longer cover their losses with the collateral they’ve posted. About $1.04 billion of the total came from longs, or bets on higher prices. Bitcoin positions accounted for $324 million, nearly 87% of it in longs.
Bitcoin’s weekly chart puts $74,400 in focus
Bitcoin rallied from roughly $57,700 to $87,350 before sliding back toward $75,000. The coin is currently trading at $74,685 after an early dip to $73,667, with the week’s candle still open.
The 50-week exponential moving average, or EMA, sits near $78,250, above the 200-week EMA at about $69,790. Both averages give more weight to recent prices, with the shorter one responding faster.
Their order still favors the longer-term uptrend, though Bitcoin is trading below the faster average, and the gap has narrowed considerably, which increases the possibility of a death cross in the future.
The Relative Strength Index, or RSI, compares recent gains with recent losses on a scale of zero to 100. At 47.8, it’s close to the midpoint, with a slight tilt toward sellers and some distance from 30, the level traders typically call oversold.