Bitcoin Slips Toward $75,970 as Nasda Sell-Off Weighs on Crypto

Key Takeaways

• Bitcoin fell roughly 5.7% towards $75,970, while Ethereum lost around 7.7% towards $2,235.
• The Nasdaq Composite dropped 5.5% on 5 November as selling in AI-related shares weakened broader risk appetite.
• BTCUSD traded below a declining nine-period moving average after reversing from above $80,000.
• US Non-Farm Payrolls on 6 November could shape the next move.
• Traders are watching $76,400–$76,500 for a potential recovery and $75,000–$75,195 for further downside risk.

Bitcoin reversed sharply on 5 November, surrendering its recovery above $80,000 and falling below $76,000. Ethereum suffered a heavier percentage decline, bringing the $2,200 psychological level into focus. Attention now turns to whether buyers can stabilise price near the recent lows.

Why Traders Are Watching Bitcoin

Bitcoin’s near-term direction is closely linked to the sell-off in US technology shares. The Nasdaq’s 5.5% decline reflected concerns about AI-related businesses, including possible restrictions on data-centre development following the US election. Continued weakness in this sector could keep cryptocurrencies under pressure.

Leverage has also accelerated the decline. When falling prices force the closure of leveraged long positions, those liquidations can generate additional selling. Potential changes to crypto regulation remain a risk, although the next assessment should focus on proposals and legislative developments.

Key factors influencing Bitcoin’s outlook include:

• US Non-Farm Payrolls (6 November, 8:30 am EST): Whether strong employment and persistent wage pressure raise expectations of tighter Fed policy, or softer figures support easier policy. A severe deterioration could also increase growth concerns.
• US Dollar and Treasury Yields: Whether a rise in both complicates the recovery, or falling yields and a weaker dollar create more favourable conditions.
• US Technology Shares: Whether a rebound in the Nasdaq and semiconductor stocks improves sentiment, or another wave of equity selling leaves Bitcoin vulnerable.
• Crypto Regulation: Whether new proposals or legislative developments add pressure.

Key Trading Levels

BTCUSD’s 6 November session opened at $75,846.06 and closed at $75,846.07, with a high of $76,412.01 and a low of $75,194.77. The decline from the $80,000–$81,000 region produced several large bearish candles before price began consolidating near $76,000. Bitcoin remains below its declining nine-period moving average, suggesting stabilisation has yet to develop into a rebound.

The $76,000 area is the first level buyers need to reclaim and hold, although a move above it alone would leave Bitcoin inside its recent consolidation. A sustained hourly break above $76,400–$76,500, followed by support holding on a retest, could open a move towards $77,000. Continued buying could then bring $78,000 into focus, with $80,000–$81,000 as major resistance.

However, a sustained hourly break below $75,000 that fails to reclaim the level could expose $74,500. Further selling pressure could extend losses towards $74,000. A brief move beneath support followed by an immediate recovery could represent a false break.

Bottom Line

Bitcoin’s direction depends on whether technology selling eases and whether Friday’s jobs data supports stability. A softer jobs report could lead to an uptrend if Bitcoin holds support and equities stabilise. A stronger dollar or renewed technology-sector selling would favour further downside.

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