Bitcoin price steadies near USD 76,000 as ETF outflows test support

Bitcoin price steadied near USD 76,000 on November 7 after a sharp selloff erased much of the post-election rebound. The BTC/USD page on Investing.com showed Bitcoin at USD 76,009.9 at 06:35:23 Berlin time, with 24-hour volume of USD 26.21 billion and a market capitalization of USD 1.52 trillion.

The move follows a decline of more than 6 percent from levels above USD 80,000. Moneycontrol, citing Bloomberg, reported on November 7 that Bitcoin was trading mostly unchanged near USD 75,600 after the previous day’s selloff. The report said the decline occurred as weakness in chipmaker and artificial-intelligence shares spread through other risk assets.

ETF outflows keep pressure elevated

US spot Bitcoin exchange-traded funds recorded USD 430 million in net outflows on Thursday, according to the Bloomberg data cited by Moneycontrol. Fidelity’s Wise Origin Bitcoin Fund accounted for about USD 200 million of the withdrawals, while BlackRock’s IBIT recorded about USD 105 million. The figures point to continued caution among institutional investors, although ETF flows alone do not establish the direction of the next Bitcoin move.

Market sentiment is also being shaped by the October 29 security incident at Binance. Moneycontrol reported that the USD 6.3 billion hack had dampened confidence across the digital-asset market. The same report quoted analysts who described the latest rebound as easing selling pressure rather than evidence of sustained accumulation. Those comments make the distinction between a technical bounce and a broader recovery important for investors.

Technical support comes into focus

A separate Yahoo Finance analysis placed Bitcoin close to its 50-week simple moving average at USD 75,580. The article said Bitcoin had closed above that average for seven consecutive weeks through the week ended November 1, but the cushion had narrowed sharply. A weekly close above the moving average would preserve that streak; a break below it could renew concerns that the September recovery was a false breakout.

For the Bitcoin price, the immediate investor focus is therefore split between flows and support. A recovery above USD 77,000 was identified by an analyst quoted by Moneycontrol as necessary to rebuild momentum, while USD 75,000 was described as a level that could come back into play if equity markets weaken. These are market reference points, not forecasts or investment recommendations.

More Bitcoin coverage is available on the Bitcoin topic page.