Bitcoin fell 2.18% to USD 76,416.75 on Tuesday, November 3, as investors withdrew money from US spot Bitcoin funds and technology shares weakened.
Data from Farside Investors showed USD 398.6 million in net Bitcoin ETF outflows on November 2. Meanwhile, leveraged trading losses and uncertainty surrounding the US midterm elections added pressure. Bitcoin’s latest decline erased Monday’s brief recovery and brought nearby price support back into focus.
Bitcoin ETF Outflows Add to Selling Pressure
U.S. spot Bitcoin exchange-traded funds recorded their second straight trading session of withdrawals. They lost USD 398.6 million on Monday, following USD 643.2 million on October 30. Together, the two sessions recorded USD 1.04 billion in net outflows.
BlackRock’s iShares Bitcoin Trust accounted for USD 405.3 million in Monday’s withdrawals. Fidelity’s Bitcoin fund attracted USD 6.7 million, while the remaining funds reported no net change. The figures show that one fund drove the latest overall loss rather than withdrawals across every provider.
Selling also reached Bitcoin’s leveraged futures market. A November 3 snapshot from TRdesk showed roughly USD 92 million in Bitcoin positions liquidated over 24 hours. Long positions accounted for about USD 86.6 million. Exchanges close these trades when traders cannot maintain sufficient funds against their borrowed exposure, which can add selling during a decline.
Chip-Stock Losses Deepen Market Caution
Bitcoin’s retreat came alongside another decline in technology shares. A U.S. semiconductor index fell 12% over three trading sessions, while the Nasdaq 100 dropped about 10% from its recent high. The S&P 500 also lost 0.5%, according to market figures.
Asian markets followed the weakness. South Korea’s Kospi declined more than 3%, and the MSCI Asia Pacific Index slipped nearly 1%. Major cryptocurrencies also fell, including Ether, Solana and BNB, although their losses varied.
The November 3 U.S. midterm elections added another event for investors to assess. The result will determine control of Congress and may affect the prospects for pending cryptocurrency legislation. However, the election outcome had not become clear during Tuesday’s Asian trading session. The first results were expected after U.S. polling stations closed.
Oil prices also fell sharply on Monday following renewed hopes for a diplomatic resolution involving Iran. Even so, the drop in energy prices did not reverse Bitcoin’s losses. Market participants continued to monitor company earnings, interest-rate expectations, and the upcoming U.S. employment report.
Bitcoin Price Tests Support Near USD 76,400
Bitcoin approached the USD 76,400–USD 76,500 area after failing to sustain its earlier move toward USD 78,000. A recovery above USD 78,000 would mark an initial rebound, although the wider resistance area remains near USD 79,500–USD 80,500.
Trading firm QCP Capital identified USD 76,000–USD 76,600 as a support band that previously produced several reversals. It warned, “A break of support would bring the 50-week average near 75,700 into view, with the 200-day near 73,100 below that.”
Analyst Rekt Capital also questioned Bitcoin’s recovery after resistance held near USD 78,500. He warned Monday that the bearish retest could push Bitcoin below USD 76,000. His assessment describes a possible move rather than a confirmed price target.
Traders will next watch whether Bitcoin holds this support area and whether ETF withdrawals continue. The Bureau of Labor Statistics plans to release October’s U.S. employment report on November 6, providing another update on conditions that influence interest-rate expectations.
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