Bitcoin fell 6.15% to USD 75,578.95 on Friday, November 6, wiping out its gains following the US midterm elections. The decline came as technology stocks faced heavy selling with concerns over artificial intelligence spending and future regulations weighing on US equity markets.
The broader crypto market also moved lower as traders closed leveraged positions worth more than USD 1 billion. Ethereum and other major cryptocurrencies recorded losses while Bitcoin struggled to remain above USD 75,000. Investors are now watching whether selling in US stocks will continue to affect cryptocurrency prices.
US Technology Stock Sell-Off Weighs on Bitcoin Price
US equities recorded sharp losses on November 5, with the Nasdaq Composite falling 5.52% and the S&P 500 declining 4.36%. The Dow Jones Industrial Average also dropped 3.44% as selling spread across major technology companies.
Semiconductor stocks were among the hardest hit. Nvidia lost 9.26%, while Broadcom fell 10.43% and AMD declined 17.26%. Investors raised concerns about the cost of expanding AI infrastructure, including spending on data centers. Questions about possible regulatory changes following the midterm elections also weighed on market sentiment.
“Weakness across AI and semiconductor stocks is dragging on overall market mood, with worries about slower AI growth, possible limits on data-center builds, and high investor leverage fueling the equity sell-off,” said the CoinSwitch Markets Desk.
Bitcoin had briefly recovered above USD 80,000 after the elections. However, those gains disappeared as technology shares moved lower. The simultaneous decline in both markets showed that Bitcoin remained sensitive to changes in investor demand for riskier assets.
Crypto Liquidations Exceed USD 1 Billion Amid Market Decline
The drop in cryptocurrency prices triggered widespread liquidations across derivatives markets. CoinGlass data showed that traders faced approximately USD 1.08 billion in liquidations over 24 hours, with long positions accounting for roughly USD 954 million.
Short positions made up about USD 127 million of the total. Bitcoin alone recorded USD 328.22 million in liquidations as falling prices forced exchanges to close leveraged trades.
Selling also spread to other cryptocurrencies. Ethereum traded around USD 2,220, while Solana fell toward USD 89. XRP changed hands near USD 1.20 as the broader market struggled to recover.
Meanwhile, Bitcoin slipped below its seven-day moving average of USD 75,738 and its 30-day average of USD 77,704. Its relative strength index dropped to 29.58, below the level of 30 that traders commonly associate with oversold conditions.
Bitcoin ETF Outflows Increase as USD 75,000 Support Comes Into Focus
US spot Bitcoin exchange-traded funds recorded USD 430.2 million in net outflows on November 5, according to Farside Investors. Fidelity’s FBTC led the withdrawals with USD 199.9 million, followed by BlackRock’s IBIT with USD 105 million.
The figures marked a reversal from November 4, when the funds attracted a combined USD 74.6 million. Fidelity recorded USD 236.7 million in inflows that day, although BlackRock’s fund posted outflows of USD 201.2 million.
Bitcoin’s next support area lies between USD 75,114 and USD 75,600. A move below USD 75,114 could bring the 200-day moving average near USD 73,186 into focus.
On the upside, Bitcoin would need to recover above USD 77,700 to USD 78,000 to regain its previous trading range. Market participants are also monitoring US stock performance, ETF flows and derivatives positions for signs of further selling pressure.
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