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Bitcoin Tests $76K Support as Selling Pressure Builds

VG Markets · 2026-11-03T06:03:52Z
Bitcoin Tests $76K Support as Selling Pressure Builds

Bitcoin is struggling to regain momentum after falling below $80,000. In the latest November 3 price snapshot, BTC was trading around $76,600, down roughly 2.2% over 24 hours.


The selloff has been driven by several factors: concerns following the reported Binance security breach, Bitcoin ETF outflows and forced liquidations in leveraged positions. With market sentiment still fragile, the $76,000 area has become a key battleground.


$76K: The Level Bulls Need to Defend


StoneX senior technical strategist Michael Boutros identifies $76,159–$76,166 as a major support zone, where Fibonacci support and the 52-week moving average converge.


His analysis suggests the downside risk remains elevated while Bitcoin trades below $79,424.


Here are the levels to watch:

BTC/USD levels

What to watch

$81,447

A break above could signal a stronger trend reversal

$79,424

First major resistance; reclaiming it could improve short-term momentum

$76,159–$76,166

Key support zone; holding here could help stabilise prices

$74,434

Next downside level if support breaks

Could Bitcoin Still Rebound?

There are some signs that selling pressure may be easing.


CoinDesk reported that around $2.2 billion in CME Bitcoin short positions could create the potential for a short squeeze if prices start rising. Large withdrawals of Bitcoin from exchanges may also reduce the amount immediately available for sale.


However, these factors have yet to confirm a sustained recovery.


For now, the key question is whether buyers can defend $76,000. A rebound above $79,424 would improve the near-term outlook, while a clear break below the support zone could expose Bitcoin to another leg lower.