Bitcoin remained stuck below $76,000 into the weekend, extending a selloff that has taken the world’s largest cryptocurrency to a seven-week low and wiped more than $1 billion in leveraged bets from the market in a single day.
Bitcoin traded at about $75,948 on Sunday afternoon, according to CoinGecko, still below $76,000, after closing Friday at $75,792. It briefly pushed above $76,100 overnight before settling back near $75,500, and fell to $75,855 on Binance spot late on Friday night. The day’s low of $74,888 set a fresh 30-day low. The price is now about 40 per cent below its all-time high of $126,156.
Leverage did the damage
The selloff began on Thursday, when Bitcoin slid from above $80,000 to roughly $75,700, falling more than 6 per cent in a day. The trigger sat in equities: the Nasdaq Composite fell 5.5 per cent on Thursday, its worst session since April 2025, and the rout in artificial intelligence stocks spilled into digital assets, wiping an estimated $140 billion from the total cryptocurrency market capitalisation.
Leverage then made it worse. More than $1.27 billion in crypto derivatives positions were liquidated in the 24 hours to November 6, over $1.1 billion of them longs — forced closures of bullish bets as collateral ran out. Liquidations affected about 199,000 traders, according to TokenPost, while Ether fell to $2,237. US spot Bitcoin exchange-traded funds recorded $430 million in outflows on Thursday, according to data compiled by Bloomberg. On Friday, the funds recorded a further $411.9 million in net outflows, taking the week’s total to about $1.28 billion — and the outflows have now turned the funds’ 2026 total negative, according to Farside Investors, as reported by CoinStats.
A fragile market with little cushion
Crypto was already fragile before this week’s selloff. A $6.3 billion hack on the Binance exchange on October 29 rocked the sector and dampened investor enthusiasm, and Bitcoin had sunk to its October low near $83,000 only a month earlier. It has now lost the 50-week moving average near $78,400 and is testing weekly support at $75,000.
Friday’s hot US jobs report — 165,000 payrolls against 65,000 expected — added another headwind, pushing traders to price a December Federal Reserve rate rise at close to 80 per cent. Analysts cited by Yahoo Finance see $73,000 and $68,000 as potential downside targets, and say Bitcoin would need to reclaim and hold $80,000 to show renewed strength. “Bitcoin needs to get back above $77,000 to build any momentum, and if equities keep sliding, $75,000 is right back in play,” one trader said, according to Bloomberg. With US markets shut for the weekend, the base case is sideways trading between about $74,800 and $77,500 — and Monday’s open, with equities back in play, will decide whether the $75,000 support holds.
Related coverage: Bitcoin Stuck Below $76,000 as Selloff Hits Seven-Week Low | Ether Holds Near $2,245 as Crypto Market Steadies After Rout | Wall Street Rebounds Friday as Nasdaq Rises After AI Rout
