Bitcoin Holds Near 7-Week Low After ETF Outflows, Liquidations

Market news Neutral bias Nov 6, 2026, 10:31 UTC

Marcus ReedTechnical Analysis Lead · ForexR analyst

Bitcoin is consolidating near seven-week lows after reported ETF outflows and over a billion dollars in liquidations, with price pinned between the previous day low and the daily pivot ahead of today's US jobs data.

Heavy ETF Outflows and Liquidations Reported

Several outlets are reporting a cluster of stress signals around Bitcoin on Friday. Blockonomi reported roughly $1.1 billion in liquidations following the drop toward $75,700, while Cryptonews and CryptoSlate both reported spot Bitcoin ETF outflows in the hundreds of millions of dollars on the day. Tokenpost separately reported that short-term holders moved a large block of profitable coins to exchanges. These are the themes circulating in the newsflow, not a demonstrated explanation for today's price action.

Wall Street Weakness Named Alongside the Move

Unchained reported that Bitcoin slid to a seven-week low near $75,200 as a broader pullback in AI-related stocks weighed on Wall Street. That theme sits alongside the ETF and liquidation headlines in today's coverage, but none of these reports proves causation for the price level Bitcoin is trading at now.

What Price Is Doing

BTC/USD last trades at $76,070.29, up $273.24 on the day, or 0.36%. The day's range has covered $75,075.66 to $76,300.19, a span of roughly $1,224.53 that amounts to about 49% of the 14-day average true range of $2,491.81, leaving room for the day's range to widen further before it matches typical volatility. Price sits between S1 at $73,866.24 and the daily pivot at $77,373.79, specifically between the previous day low and that pivot. The daily EMA structure is sloping down with price below the 200-day EMA at $76,263.11, and the 4-hour and 1-hour trends are also down, while daily RSI at 38.1 sits below the midpoint without being at an extreme.

Levels Now

The nearest resistance above is the daily pivot at $77,373.79, roughly $1,303.50 away, with R1 at $79,304.60 and R2 at $82,812.15 further up. The nearest support below is the previous day low at $75,442.98, about $627.31 away, with S1 at $73,866.24 and S2 at $71,935.43 beneath that. Yesterday's session (November 5) ran from a high of $80,881.34 to a low of $75,442.98, a range of $5,438.36, and yesterday's close came in at $75,797.05. The 5-day window spans a high of $81,109.34 to a low of $75,442.98, while the 20-day window spans a high of $84,844.39 to the same $75,442.98 low. For traders mapping these levels themselves, the pivot point calculator and the ATR guide break down how these figures are derived.

Bullish and Bearish Scenarios

On the upside, clearing R1 at $79,304.60 would open the path toward R2 at $82,812.15, a path that stays intact only while price holds above the daily pivot at $77,373.79; a slip back under that pivot would undo the setup. On the downside, a breakdown through S1 at $73,866.24 would expose S2 at $71,935.43, with that bearish path invalidated by a recovery back above the same daily pivot at $77,373.79. Either path can be stress-tested with the risk and reward calculator.

Context: Positioning and Sentiment

CFTC data as of the week to October 27 showed large speculators net long Bitcoin futures, with that net long position having been added to from the prior week. News sentiment data shows coverage volume running at 111% of its 90-day average, with the opportunity read at -52, a bearish reading that reflects the tone of coverage rather than a forecast of where price goes next.

What's Next

The US calendar is dense today. Nonfarm Payrolls, Average Hourly Earnings, the Unemployment Rate and related labor data are all due at 13:30 UTC, followed by the Michigan Consumer Sentiment Index and related University of Michigan readings at 15:00 UTC, and a speech from the Fed's Bowman at 17:15 UTC. London is the current session, with New York joining at 12:00 UTC, putting all of today's high-impact releases inside the New York session. Readers tracking these releases around other markets may find the economic calendar guide useful for sequencing them.

Bottom Line

Bitcoin is holding in a narrow band between the previous day low at $75,442.98 and the daily pivot at $77,373.79, with daily, 4-hour and 1-hour trends all pointed down but today's range still well short of average volatility. With a dense slate of US data due this session, the setup stays balanced between the scenarios above rather than leaning firmly either way.