# Bitcoin Hits a Seven-Week Low at $75,618 Before Rebounding Above $78,000

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/48772
Published: 2026-11-04T20:22:10.000Z
Updated: 2026-11-04T20:22:10.000Z
Section: Investing

> Crypto long liquidations reached $288 million in 24 hours, while Bitcoin’s 50-week moving average stood near the low.

Bitcoin (BTC) touched $75,618 on Tuesday, its lowest price in seven weeks, before recovering above $78,000 as markets absorbed Democrats’ victories in both chambers and crypto long liquidations neared $300 million.

The price reached $75,618 on Bitstamp, a level last seen Sept. 16, then climbed to $78,039 within about three hours. The rebound followed a drop below $76,000.

Crypto long liquidations totaled $288 million over the previous 24 hours. A long position is a trade that gains when an asset rises. The total included Bitcoin positions forcibly closed after the price fell below $76,000, adding to losses for traders positioned for gains.

Bitcoin’s 50-week simple moving average stood at $75,733, close to the low. The average had acted as support since mid-September.

U.S. stock futures also traded lower, with S&P 500 and Nasdaq 100 futures each down about 0.3% Wednesday.

The price swing came after Democrats won both chambers of Congress in the Nov. 3 midterm elections.