Bitcoin Slides to $76,100 as $1.1B in Longs Liquidated

Bitcoin fell 5.2% over 24 hours to trade at $76,100 on Friday, November 6. The slide followed the liquidation of more than $1.1 billion in bullish positions and significant net outflows from US spot Bitcoin exchange-traded funds.

Leverage Reset and Global Market Weakness

CoinGlass data shows approximately $1.27 billion in cryptocurrency derivatives were liquidated in 24 hours. Long positions accounted for more than $1.1 billion of that total, meaning those betting on price increases bore the brunt of the forced closures.

The sell-off mirrored a broader risk-off shift in traditional markets. Technology stocks dropped amid AI investment uncertainty and political concerns over data-center construction. In Asia, South Korea’s Kospi index fell as much as 8.8%, triggering a 20-minute trading halt.

Carlos Guzman, vice president of research at GSR, called the action a pullback in risk appetite amplified by leverage. He noted the decline stemmed from a feedback loop where falling prices triggered liquidations, adding selling pressure, rather than a deterioration in project fundamentals.

Bitcoin briefly topped $80,000 earlier in the week, but momentum faded as investors reassessed risk exposure and global weakness spread into digital assets.

ETF Outflows and Technical Support Levels

Institutional demand wavered as US spot Bitcoin ETFs saw approximately $430.2 million in net outflows on Thursday. Bitfinex analysts previously warned that a market bounce requires actual spot demand; without it, speculative rebounds may fail to become lasting trends.

Technically, Bitcoin slipped below its 50-week exponential moving average near $78,400. A weekly close below this mark could signal a weakening bullish structure. The asset is currently testing support at $75,000.

Analysts view $80,000 as the primary recovery threshold. If $75,000 fails, downside targets include $73,000 and $68,000. A recent technical assessment found no RSI divergences, suggesting no clear signal of an imminent reversal.

US Employment Report as Next Catalyst

Investors are awaiting the October US employment report. Economists forecast between 59,000 and 65,000 new jobs, up from approximately 29,000 in September.

With markets concerned about economic growth and tech valuations, a weak report could raise expectations for monetary easing, potentially aiding risk assets. However, Bitcoin needs stronger spot demand, better institutional flows, and a move above $80,000 to prove bullish momentum has returned.