In this video: Bitcoin tests the bottom of the range, Why the daily RSI matters now, Target reached: what would confirm a low. Video by More Crypto Online.
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Bitcoin (BTC) is trading around $75,600 to $76,000, experiencing a sharp 5% to 6% correction over the last 24 hours. The recent market cooldown has wiped out the momentum that briefly pushed Bitcoin above $80,000 earlier in the week.
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Bitcoin Insights Today
1. Strong U.S. Labor Data & Macro Shift
The U.S. Bureau of Labor Statistics released October Nonfarm Payrolls showing an increase of 165,000 jobs, radically outperforming Wall Street's expectations of 65,000. This economic resilience has fueled expectations that the Federal Reserve will raise interest rates in December (with current market pricing shifting to an 80% probability). Higher interest rate expectations are boosting Treasury yields and the U.S. Dollar, drawing liquidity out of risk assets like BTC.
2. Tech Stock Rout & Midterm Backlash
Following Democratic victories in the U.S. midterm elections, equity markets suffered a massive tech sell-off over fears of slowing artificial intelligence infrastructure investments and tighter tech-sector rules. On Thursday, the Nasdaq tumbled 5.5%, triggering a highly correlated risk-off reaction in the crypto markets.
3. Over $1 Billion in Cascading Liquidations
A massive wave of leverage flushed through the ecosystem. Over $1.09 billion in crypto derivatives positions were liquidated within 24 hours, primarily punishing over-leveraged traders who were betting on prices to continue climbing past $80k.
4. Persistent Spot ETF Outflows
Institutional sentiment has cooled down significantly, marking extended multi-day negative streaks. BlackRock's IBIT logged a $105 million net outflow (its fifth straight day of selling), while Fidelity's FBTC saw roughly $200 million leave the fund on Thursday.
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