Bitcoin Price Falls Below $77,000 as ETF Outflows Accelerate
Bitcoin price fell 2.19% to about $76,456 on November 3, extending its seven-day decline to 3.59%. Continued institutional selling, leveraged liquidations and weakness in global technology stocks weighed on sentiment ahead of the U.S. midterm elections.
U.S. spot Bitcoin ETFs recorded $398.6 million in net outflows on November 2, after $643.3 million flowed out on October 30. BlackRock’s IBIT saw $405.3 million in withdrawals, while Fidelity’s FBTC took in $6.68 million. Bitcoin liquidations reached about $88.83 million over 24 hours, with long positions accounting for most of the forced closures. Ethereum ETFs also saw $140 million in outflows.
Bitcoin price is testing support around $76,400–$76,500. A sustained break below could expose levels near $75,000 and $74,800. Resistance lies around $78,000, followed by $79,500–$80,000. Daily chart indicators remain weak: the RSI was 34.26 and the MACD was negative. Traders are also watching the October U.S. employment report, due November 6.
Bearish
The immediate market signal is bearish. Bitcoin has fallen below $77,000 as spot ETF outflows persist, leveraged long positions are being liquidated, and technology shares are weakening. These factors can reinforce one another: withdrawals add selling pressure, while liquidations can accelerate declines when key support levels break. The RSI at 34.26 and negative MACD also point to weak short-term momentum, although the RSI has not reached the conventional oversold threshold.
Traders are likely to watch the $76,400–$76,500 support zone closely. A convincing break could prompt further stop-loss orders and liquidations, putting $75,000 and $74,800 in focus. If support holds, a rebound may face resistance near $78,000 and then $79,500–$80,000. ETF flows, equity-market performance and reactions to the U.S. midterm elections could add volatility. Similar episodes of heavy spot ETF redemptions and leveraged unwinds have often coincided with short-term downside pressure, but they do not by themselves establish a lasting trend. Over the longer term, the direction will depend on whether institutional demand returns and broader risk appetite improves. The November 6 U.S. employment report is another potential catalyst.