Bitcoin (BTC/USD) Forecast Today: Bearish Trend Near Key Pivot

Daily outlook Bearish bias Nov 8, 2026, 06:36 UTC

Marcus ReedTechnical Analysis Lead · ForexR analyst

Bitcoin (BTC/USD) remains in a confirmed downtrend across the daily, H4, and H1 timeframes. Price action centers near the daily pivot at 75733.64 ahead of the London session.

Financial analysts near multi monitor workstation using tablet device to analyze capital profit risks. Hedge f

Price75,734.12

Day change+0.11%

Day range75,535.36 - 75,863.73

ATR (14)2,305.64

Resistance	Level	Support	Level
R3	76,805.69	S1	75,318.85
R2	76,477.06	S2	74,990.22
R1	76,062.27	S3	74,575.43
Previous day high	76,148.43	Previous day low	75,405.01
20-day high	84,844.39	20-day low	74,732.31
Daily pivot 75,733.64. Data as of 2026-11-08 06:30 UTC; price from a live feed, levels computed from the previous completed daily bar.

Bitcoin (BTC/USD) 1-hour chart with the daily pivot at 75,733.64, R1 76,062.27, R2 76,477.06, S1 75,318.85, S2 74,990.22 and the bullish and bearish scenario paths — Bitcoin (BTC/USD), 1-hour candles with the daily pivot levels, the range between nearest support and resistance, and both scenario paths. Data as of 2026-11-08 06:30 UTC.

Where Bitcoin (BTC/USD) Stands Now

In the Asia session, with London opening at 07:00 UTC, the live Bitcoin (BTC/USD) rate is 75734.12. The bid is at 75734.12 and the ask stands at 75749.12, representing a spread of $15. The evidence leans bearish across the key timeframes, as price sits between the daily pivot at 75733.64 and R1 at 76062.27. The cryptocurrency is up 86.64 or 0.11% on the day, opening at 75648.47 and traversing a range of $328.37 from a day low of 75535.36 to a day high of 75863.73. This intraday movement represents 14% of the 14-day average true range of $2305.64, while yesterday's close settled at 75647.48 following a range of $743.42.

Trend and Momentum

Momentum aligns firmly to the downside, with the daily, four-hour, and hourly timeframes in agreement on a bearish trend state. On the daily chart, price sits below the EMA200 at 76251.76, while the shorter-term EMA20 and EMA50 are positioned higher at 78768.71 and 79577.98 respectively, reinforcing the broader negative structure. The daily RSI reads 37.7, reflecting current momentum. The four-hour chart reflects a similar downward lean, featuring the H4 EMA20 at 76341.48 and the H4 EMA50 at 77306.81 above the current price. On the hourly timeframe, the near-term trend remains down, with the H1 EMA20 located at 75743.43 and the H1 EMA50 resting at 76034.04.

Levels That Matter

Nearest support is the daily pivot at 75733.64, positioned just $0.48 below the current price, while nearest resistance is R1 at 76062.27, sitting $328.15 away. Further upside targets from the pivot point calculator include R2 at 76477.06 and R3 at 76805.69, providing reference points if upside momentum builds. Conversely, downside structural supports rest at S1 at 75318.85, S2 at 74990.22, and S3 at 74575.43 to catch potential bearish extensions.

Looking at historical extremes, the previous day high stands at 76148.43, and the previous day low is 75405.01. The 5-day range covers a high of 81109.34 and a low of 74732.31, with price down 1.26% over that five-day period. Over a broader window, the 20-day range spans a high of 84844.39 and a low of 74732.31, alongside a 20-day performance drop of 6.35%. Closest round numbers are 76000 above and 75000 below.

Bullish and Bearish Scenarios

For a bullish setup, a confirmed break above R1 at 76062.27 would open the way to the next target at R2 at 76477.06, creating a target distance of $414.79. A move back below the daily pivot at 75733.64 would invalidate this view.

On the bearish side, a break below S1 at 75318.85 would open the way to S2 at 74990.22, mapping out a trigger-to-target distance of $328.63. Should price make a move back above the daily pivot at 75733.64, this downward case would be invalidated.

What Could Move It Today

Current newsflow notes the possibility of a fifth consecutive weekly loss for the cryptocurrency, according to CryptoTicker. Other themes from Tokenpost highlight that Bitcoin tested support around the same time U.S. equities experienced significant declines, while also noting recent buyers holding supply below their cost basis and the on-chain conversion of stolen funds.

According to the weekly CFTC Commitments of Traders report as of the week to November 3, non-commercial futures traders are net long Bitcoin (BTC/USD), although speculators reduced net long Bitcoin (BTC/USD) over the tracking period. Meanwhile, the opportunity reading derived from media sentiment presents a bearish score of -47, with news volume registering at 43% of the 90-day average.

Bottom Line

Bitcoin (BTC/USD) is navigating a unified downtrend across near-term and daily charts as the Asia session unfolds. Immediate direction hinges on the narrow band between the daily pivot at 75733.64 and overhead resistance at R1 at 76062.27. For more perspective on these technical levels, see all ForexR analysis for Bitcoin (BTC/USD).

FAQ

Why is Bitcoin facing a potential fifth consecutive weekly loss?

Recent coverage by CryptoTicker notes the possibility of a fifth consecutive weekly loss for the asset. Broadly, newsflow from Tokenpost highlights significant U.S. equity declines, on-chain conversions of stolen funds, and a large share of buyers holding supply below cost, though a direct cause is not confirmed.

What critical support levels are traders monitoring for BTC/USD today?

The nearest support level is the daily pivot at 75733.64. Further structural supports below include S1 at 75318.85, S2 at 74990.22, and S3 at 74575.43.

How are broader stock market movements influencing Bitcoin's technical outlook?

Headlines from Tokenpost note that Bitcoin tested support levels around the same time U.S. equity markets experienced significant declines. The news coverage places these events alongside each other without establishing a direct influence on the technical outlook.