Bitcoin traded near $75,570 in Decrypt’s Friday market snapshot after touching $74,780.91—its lowest intraday price since August 21, 77 days earlier. Crypto liquidations reached $1.05 billion over the preceding 24 hours, with bullish positions taking most of the damage.
Historical reporting context: The original article was published on November 7, 2026, at 00:34:07 UTC+8. Prices, indicators and market expectations below reflect that report, not live conditions.
Leverage amplified the retreat
According to CoinGlass data cited by Decrypt, long positions accounted for $930.04 million, or 88.2%, of liquidations, compared with $124.69 million in shorts.
Bitcoin positions contributed $267.20 million to the total, with longs representing 88.9%. Ethereum liquidations reached $167.14 million, of which 81.1% came from longs.
Liquidations occur when an exchange automatically closes a leveraged position because its collateral is insufficient. Those forced closures can add selling pressure to an existing decline. In this episode, Decrypt reported that forced closures of bullish crypto positions accelerated the fall.
Sentiment also weakened. The Fear and Greed Index stood at 28 out of 100, approaching extreme fear, after a neutral reading a week earlier, before the U.S. midterm elections.
Tech losses and rate expectations formed the backdrop
The crypto retreat followed a sharp Thursday selloff in U.S. equities:
- The Nasdaq Composite fell 5.52%, its worst session in 19 months.
- The Philadelphia semiconductor index dropped more than 12%.
- Nvidia lost over 9%.
- The S&P 500 declined 4.36%, erasing roughly $3 trillion in constituent companies’ market value.
Decrypt linked the backdrop to concerns that Democratic victories in Tuesday’s midterm elections could bring tougher AI regulation and slow construction of the data centers supporting the year’s chip rally. Bitcoin had already surrendered its post-election relief rally as chipmakers fell.
A stronger-than-expected U.S. October jobs report also increased expectations of another Federal Reserve rate hike in December. Higher borrowing costs can weigh on speculative markets, even when chip shares recover some ground.
These were overlapping pressures, not proof of a single cause. As the report cautioned, simultaneous declines in stocks and crypto do not establish that the equity selloff alone caused Bitcoin’s drop.
The chart showed weakening momentum, not a confirmed turning point
Bitcoin’s weekly chart showed another red candle and lower highs since September, when it briefly traded above $87,000.
The 50-day exponential moving average stood near $79,756, above the 200-day average around $76,497. Although that ordering remained bullish over a longer horizon, Bitcoin was below both averages: recent price weakness had overtaken the lagging signal.
The Relative Strength Index was 37.7, below neutral at 50 but above the conventional oversold threshold of 30. The Average Directional Index stood at 19.7, consistent with a weak trend; its negative directional indicator exceeded its positive counterpart.
Decrypt’s chart analysis identified immediate support around $74,780. It outlined $73,000–$72,500, near August’s breakout area, as the next zone to watch if a daily close broke that support, followed by $70,000 if that zone failed. On a recovery, it identified potential resistance near $76,497 and then around $80,000.
Those were conditional chart scenarios, not established outcomes. Friday’s daily candle was still open when the snapshot was taken.
