Bitcoin Rebounds Above $78K as ETF Outflows Persist

| coinpaper.com
Bitcoin recovered to about $78,354 after briefly dropping to around $75,600 amid uncertainty over the US midterm elections. The rebound followed a six-week low, but political uncertainty and questions over the impact of election results on President Donald Trump’s crypto agenda remain part of the market backdrop. Demand signals are mixed. US spot Bitcoin ETFs recorded about $1.16 billion in net outflows over three sessions, including $115.6 million on November 3. BlackRock’s IBIT accounted for $95 million of that day’s withdrawals, down from $405.3 million a day earlier. Meanwhile, Paradigm reported about $660 million in Bitcoin options block trades on election day, including roughly $420 million in call purchases. Some options activity may reflect hedging, so it does not confirm a return of spot demand. For traders, holding $78,000 could put the $80,000 psychological level in view, with resistance near the 30-day moving average at $81,319 and around $82,000. A break lower could bring support near $76,000 and $75,000 into focus; analysts have also cited $75,875, the short-term holder realized price, as a potential support level. The 200-day moving average is near $73,200. With ETF outflows continuing and Treasury yields and weak technology stocks posing risks, the Bitcoin recovery remains tentative.
Neutral
Bitcoin’s price recovery and the reported concentration of call-option buying point to some short-term optimism. Holding above $78,000 could encourage traders to test $80,000 and higher resistance levels. However, the roughly $1.16 billion in spot Bitcoin ETF outflows over three sessions signals persistent selling pressure, while options positioning may partly reflect hedging rather than fresh bullish demand. If Bitcoin fails to hold $78,000, traders may focus on support around $76,000–$75,000 and, below that, the 200-day moving average near $73,200. These competing signals support a neutral assessment: the rebound could extend if demand improves, but continued fund outflows and broader market risks leave it vulnerable. Over the longer term, sustained ETF inflows and a firm hold above resistance would provide stronger evidence of a durable recovery.