In this video: Bitcoin is consolidating above a very important support after the Binance-driven sell-off. Here are the support and resistance levels that matter in a volatile midterm week.
We analyse Bitcoin on 2 November 2026 using Elliott Wave. The Binance news triggered a sell-off, but it stabilized quickly at the 50-week SMA, which has acted as support and resistance many times. Bitcoin is already back inside its channel and has not even reached the main support zone between $63,326 and $74,800. We still see this as a corrective pullback, with lower prices possible in the short term and higher prices expected once the pullback is over. Video by More Crypto Online.
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A break below the structural low at $75,500 would bring the support cluster just below $74,800 into focus. On the smaller timeframe, the wave 4 bounce was rejected at $78,375 to $79,051, and Bitcoin is approaching micro support at $76,650 to $77,528. An impulsive reaction there could lead to a more complex correction and a test of $81,238 first.
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Bitcoin Insights Today
• ETF Capital Flight: U.S. spot Bitcoin ETFs posted their first net-negative month since June, recording roughly $515 million in total October outflows. This reversal has noticeably dampened the institutional buying pressure that previously fueled BTC’s upside.
• Impending Macro Volatility: The market is bracing for severe near-term turbulence as the U.S. Presidential Elections and key jobs data loom this week. Traders are holding tight ahead of upcoming Federal Reserve data, keeping the digital asset in a hyper-sensitive holding pattern.
• Infrastructure Momentum: On a fundamental note, developers pushed out Bitcoin Core v32.0, which significantly accelerates block verification speeds and improves transaction efficiency. Concurrently, merchant processing fees for BTC via Square remain at zero through 2026, anchoring long-term commercial adoption despite the immediate price stagnation.
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