# Bitcoin tests $73,731 support as Consorti argues summer low marked cycle bottom

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/investing/53394
Published: 2026-11-10T23:20:30.000Z
Updated: 2026-11-10T23:20:30.000Z
Section: Investing

> Bitcoin tested its $73,731 moving average after a roughly 10% decline in six days. Joe Consorti argued that the summer low marked the cycle bottom despite pressure from rates and technology stocks.

Bitcoin’s $73,731 moving average has emerged as a test of whether its bull market remains intact, with analyst Joe Consorti arguing that the summer low marked the cycle bottom despite renewed pressure from technology stocks and interest rates.

In a video published on November 10, Consorti said Bitcoin had fallen toward $73,000 after breaking below the roughly $76,000 average purchase price of short-term holders. He identified the daily close around the 200-day moving average as the key measure of whether the decline remained a correction within a bull market.

Bitcoin traded at about $72,900 during his analysis, down roughly 10% in six days from above $81,000. Consorti identified the 200-week moving average near $67,000 as the next support level below the 200-day average, describing a retreat to that area as a structural return to bear-market conditions.

Consorti attributed the immediate selling pressure to stronger-than-expected inflation. Monthly headline inflation was 0.4%, against expectations of 0.3%, while core inflation was 0.3%, versus a 0.2% forecast. He said futures markets subsequently fully priced in a quarter-point interest-rate increase in December, adding pressure on Bitcoin.

He argued that monetary tightening alone does not end a Bitcoin bull market. In 2017, the Federal Reserve raised rates three times and began reducing its balance sheet, while Bitcoin climbed from just below $1,000 to nearly $20,000. Although inflation conditions differed, he cited that period as evidence that rising rates and a Bitcoin bull market can coexist.

Weakness in technology stocks remained a near-term risk in his assessment. Doubts over whether planned AI data-center investment would translate into spending were weighing on Nvidia and related shares, while higher rates increased financing costs. He identified Nvidia’s earnings as a test of whether pressure on the AI trade would intensify or ease, with implications for Bitcoin’s support.

Consorti also described Anthropic’s initial public offering as a potential drain on capital available to other assets. Investors seeking an allocation could sell existing holdings to fund purchases, putting pressure on Bitcoin. He characterized the offering as the cycle’s final major source of competition for investment capital.

His argument that Bitcoin had already bottomed rested on the scale of its earlier decline and its subsequent performance relative to equities. Bitcoin fell roughly 53% from its October 2025 peak of $126,000 to a June 30 close near $58,500. From the end of June through the Monday close cited in his analysis, Bitcoin gained about 24%, while the Nasdaq fell around 6%.

He acknowledged the failed recovery in 2022 as a counterargument. Bitcoin rebounded roughly 40% from its summer low but failed to reclaim its 200-day moving average. Renewed equity-market losses and the collapse of FTX subsequently accompanied a lower Bitcoin low. Consorti said the current setup differed because Bitcoin had reclaimed the average in late summer, while inflation and the expected size of rate increases were lower.

Consorti also acknowledged a recent challenge to his relative-strength argument: stocks had rebounded on Monday while Bitcoin lagged. Continued equity gains alongside Bitcoin underperformance would weaken his claim that Bitcoin was leading the recovery.

He nevertheless distinguished a possible break of near-term support from his assessment of the broader cycle. His central argument was that Bitcoin had already undergone a substantial bear-market decline, leaving the summer low as the cycle bottom even as the latest correction tested its recovery.