Bitcoin edged back above $76,000 on Nov. 7, trading near $76,070 with daily momentum remaining weak as the daily RSI registered below neutral at 38.78. This recovery effort occurred despite another $411.9 million in U.S. spot ETF withdrawals that have left the asset's advance close to a key weekly support level, where the 50-week moving average near $75,562 sits just above the $75,000 weekly pivot.
Market structure shows liquidation clusters surrounding the price, with overhead concentrations located around $76,500–$77,500. Across the Nov. 2–6 trading week, U.S. spot Bitcoin ETFs lost approximately $1.28 billion while the daily price chart recorded a session where Bitcoin traded at $76,070 at 09:31 UTC, up 0.30% during Saturday's session within a narrow range between $75,790 and $76,250 after a failed recovery above $80,000.
Technical Indicators Signal Weakness
Earlier this week, Bitcoin's price action above a specific threshold coincided with $378.09 million in hourly short liquidations, after which the cryptocurrency fell roughly 5.5% from the $80,470 high recorded during that rally by Saturday.
The weekly chart for Nov. 7 placed Bitcoin at $76,085, representing a decline of 2.90% from its weekly opening price of $78,354, while the session range spanned between a low of $74,888 and a high of $81,196 before settling near the $76,000 level.
On November 7, Bitcoin traded at $76,085 on the weekly chart, staying above the $75,000 Murrey Math pivot despite briefly dipping below it during the session. Market commentator Max Crypto noted in a post that day that the asset remained less than 1% above his calculated 50-week moving average of $75,561.73, identifying this line as a critical support level where bulls must hold control to prevent further weakness.
Daily technical indicators presented a more cautious outlook with Bitcoin positioned below its 20-day simple moving average at $79,459.22 and the middle Bollinger band. The lower Bollinger band sat at $74,660.74, establishing another technical reference point just beneath the weekly pivot level identified earlier in the analysis.
At 38.78 on November 7, the daily relative strength index for Bitcoin remained below both the neutral level of 50 and its own average of 40.04, indicating weak momentum while staying above the conventional oversold threshold of 30.
Bitcoin's value rose above Friday's $75,799 level while the asset maintained its defense of that specific support zone; however, during this same timeframe, the central line of the Bollinger indicator dropped from roughly $79,759, indicating that the slight recovery failed to turn back the downward daily trend.
Technical analysis indicates that Bitcoin encountered resistance near $76,500 to $77,500 according to a three-day liquidation heatmap from CoinGlass, a zone it must clear before approaching the daily moving average positioned roughly 4.5% above Saturday's chart price. The upper daily Bollinger band was recorded at $84,257.70, sitting above the failed recovery attempt near $80,000 and existing liquidation clusters, while the weekly Murrey Math grid identified $62,500 as the next significant labeled level below the $75,000 mark.
Further price levels showed a prominent overhead band between $81,400 and $81,600 alongside another concentration near $82,200, all remaining above the week's latest high. Below the current market action, visible clusters gathered around $75,000 and approximately $74,400 to $74,600, with the latter area situated close to the daily lower Bollinger band where several chart references concentrate within a relatively small price range.
In a separate entry dated November 7, market analyst Crypto Lens described a downward trend moving from $76,000 down to $70,000 and then to $65,000 prior to any rebound. The graphic marked the $65,000 mark as a likely concluding bear trap and indicated an ultimate goal of $110,000. This estimate for $65,000 reflects a drop of approximately 14.6% relative to Saturday's figure of $76,070; it stands as a stated prediction even though the closest support levels on today's chart are nearer.
ETF Data Reveals Sustained Selling Pressure
According to figures from Farside Investors, U.S. spot Bitcoin exchange-traded funds experienced net outflows totaling $411.9 million on November 6. BlackRock's IBIT fund saw a loss of $403 million, whereas Fidelity's FBTC gained $42.8 million. These Friday withdrawals came after Thursday's $430.2 million outflow, bringing the combined total for both days to $842.1 million as that earlier reversal negated the prior session's $74.6 million inflow.
Data from Farside Investors indicates that U.S. spot Bitcoin exchange-traded funds saw a combined net outflow of $1.2817 billion spanning five trading days between Nov. 2 and Nov. 6, with Wednesday standing as the sole session showing positive flows. Specifically on Friday, Bitwise's BITB fund withdrew $20.5 million, Ark's ARKB experienced a decline of $20.1 million, and Grayscale's GBTC saw $11.1 million in withdrawals, whereas other products in Farside's table registered zero net activity for that day.