In this video: We analyse Bitcoin on 9 November 2026 using Elliott Wave, with the support zone at $63,326 to $74,804 as the area where this correction could end. Video by More Crypto Online.
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Bitcoin dropped below the 50-week SMA the day before CPI and has moved into the support zone we have tracked since the September top. The WXY structure down could be complete or nearly complete, and the minimum requirements for this correction are now fulfilled. There is still no sign of a low, so the next supports at $71,252 and $67,868 could still come into play before the bulls return.
Levels (as of 9 November 2026)
• $81,230: the green line, the best signal for a low
• $76,186: the better signal
• Around $75,500: the 50-week SMA
• $63,326 to $74,804: the main support zone, with $71,252 and $67,868 inside
• Around $64,000: a volume cluster near the bottom of the zone
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Bitcoin Insights Today
• $1 Billion Liquidation Cascade: Massive volatility over the weekend triggered over $1 billion in forced liquidations across leveraged crypto futures positions. Bullish traders caught the worst of it, with $913 million in long positions wiped out, intensifying the downward pressure on prices.
• The Nvidia CEO Scandal & Macro Geopolitical Risk: Because crypto markets remain open 24/7, digital assets bore the brunt of major weekend risk-off headlines. Markets were rattled by news of an independent board investigation involving Nvidia CEO Jensen Huang. U.S. officials worry his personal relationship with a business executive may have been leveraged by Chinese intelligence to bypass AI chip export restrictions. Concurrently, stalled U.S.-Iran diplomatic talks added to the macroeconomic tension.
• Political "Blue Wave" Midterm Reckoning: Following the recent Democratic sweep of Congress, regulatory anxieties have resurfaced. Market analysts note that while Republicans positioned themselves closely with the crypto industry, the new Democrat-controlled Congress is expected to initiate sweeping investigations and introduce stricter scrutiny across digital asset ecosystems.
• Binance Mega-Hack Resilience: Ratings agencies, including Fitch Ratings, highlighted surprising structural resilience following the record-breaking $6.3 billion exploit of Binance. While roughly 18,270 BTC ($1.5 billion) was part of the historic theft, a 67% surge in deeper, more diversified trading volumes successfully contained systemic panic, preventing the double-digit percentage crashes seen in past cycles.
• ETF Outflows & Interest Rate Pressure: Hotter-than-expected nonfarm payrolls have increased the likelihood of a Federal Reserve interest rate hike in December. This hawkish macroeconomic outlook has driven institutional capital away from non-yielding assets, resulting in heavy spot Bitcoin ETF net outflows, including a $431 million exit estimated by JPMorgan.
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