Crypto Mountains

👀 Bitcoin falls below $72,000 as selling puts $70,000 in focus

❗️ Bitcoin has fallen below $72,000 on Nov. 12, losing another layer of support as its daily chart shows prices slipping outside the lower Bollinger Band and its weekly recovery continues to unravel. TradingView’s Binance BTC/USDT chart showed an intraday low of $71,255 at press time, following a session high of $74,217. The move carried Bitcoin below $71,500, a level trader Jesse Olson had flagged as vulnerable to further selling.

⚠️ The decline followed several unsuccessful attempts to regain ground during the week. On the one-week CoinGlass heatmap, Bitcoin repeatedly formed lower recovery peaks before its latest fall through $73,000 and $72,000. Both the middle and lower bands were pointing down. Bitcoin’s recent candles had followed the lower edge of the envelope as the recovery from its summer lows gave way to another run of selling.

📈 A move outside the lower band can accompany a stretched decline, but the chart had not yet shown a sustained return inside it. A recovery above roughly $72,000 would bring price back toward the band, while the falling 20-day average remained considerably higher. Daily Average Directional Index stood at 23.30 and had begun turning upward. Alongside the falling price, the reading suggested the downward trend was gathering strength. ADX itself measures trend strength without identifying its direction.

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🌐 Loopscale halts operations after 30,000 daily malicious API requests

⭐️ Solana-based lending protocol Loopscale has temporarily suspended operations after a week-long campaign of malicious requests targeting its SOL and USDC vaults, although the team says user deposits remain safe. The team described the campaign as the work of a sophisticated actor and said it immediately paused protocol activity to limit the impact. The attempts specifically targeted its SOL and USDC Genesis Vaults, which hold assets deposited by users of the lending platform.

🔗 He reiterated that the affected vaults had been made whole and no users had incurred losses, while the team continued investigating the incident and working to restore full functionality. Loopscale has not disclosed the amount of funds affected during the campaign or provided details about how the attacker attempted to compromise the vaults. Normal operations will remain suspended while the team determines the full scope of the incident and introduces additional security measures.

✨ Although the protocol remains paused, Loopscale intends to reopen its user interface shortly and is working to restore loan repayment functionality as quickly as possible. The team said restoring repayments is a priority because borrowers could otherwise face unexpected liquidations while normal lending operations remain unavailable. In decentralized lending, borrowers typically provide cryptocurrency as collateral to secure loans. If the value of their collateral falls below the required threshold, their positions can become eligible for liquidation.

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