Bitcoin Slides Below $77,000 Amid Tech Stock Sell-Off and Election Jitters

Bitcoin fell below $77,000 on Tuesday, November 3, as investors reacted to continued selling in technology stocks and heightened uncertainty ahead of the US midterm elections. The cryptocurrency lost approximately 2% during Asian trading hours, erasing the brief price recovery seen the previous day.

Tech Sector Weakness Drives Risk-Off Sentiment

The decline in Bitcoin coincided with a sharp drop in semiconductor manufacturers. A major semiconductor index lost approximately 12% over three trading sessions, while the Nasdaq 100 fell around 10% from its recent peak, entering correction territory. Reports indicate that concerns over artificial intelligence spending contributed to the selling pressure across US technology shares.

The weakness extended to Asian markets. South Korea’s Kospi index declined more than 3%, and broader regional markets recorded losses as investors reduced exposure to riskier assets. This cross-market movement suggests that cryptocurrency prices are increasingly reacting to developments in traditional financial markets rather than isolated digital asset factors.

Election Uncertainty and ETF Outflows

The US midterm election, scheduled for November 3, added another layer of uncertainty. Changes in congressional control could influence the future direction of cryptocurrency regulation, digital asset legislation, and market oversight. Investors often reduce risk positions ahead of such political milestones, contributing to the broader market caution observed on Tuesday.

Institutional demand also showed signs of weakness. US spot Bitcoin ETFs recorded approximately $643 million in net withdrawals on October 30. This outflow occurred during a period of broader market uncertainty, indicating that institutional capital was moving out of digital assets alongside traditional equity selling.

Market Outlook and Key Levels

The $76,000–$77,000 region has emerged as a key support area for Bitcoin. A sustained recovery above $77,000 could improve short-term sentiment, while continued selling pressure may lead traders to examine lower support levels. Temporary rebounds in the price do not necessarily indicate a lasting reversal, particularly while macroeconomic and political factors remain unresolved.

Traders are now focused on the US employment report scheduled for release on November 6. This data point, combined with the election results and the trajectory of technology stocks, will likely determine Bitcoin’s next significant price movement. For now, the market remains sensitive to political developments and global financial stability.