Bitcoin Tested $75,000 Support as U.S. Stocks Suffered Sharp Losses

On Friday, Nov. 6, Bitcoin (BTC) traded just above $75,000 after U.S. stocks suffered steep losses Thursday, leaving the cryptocurrency near a major chart support level after a midweek rally.

The S&P 500 fell 4.36%, while the Nasdaq lost 6.36%. Bitcoin had risen Wednesday before turning lower during Thursday’s selloff. The equity losses and Bitcoin’s test of $75,000 came in the same period.

Bitcoin was near horizontal support at $75,000. The 50-week simple moving average had supported Bitcoin during the previous two bull markets. The average was nearing an upward turn. Additional support levels sat near $69,000 and $65,750. Those are chart levels, not confirmed future prices.

S&P 500 E-mini futures bounced from 7,323 points, matching an earlier low. An ascending trendline near 7,550 marked a potential recovery level for the index. The futures movement came ahead of Friday’s U.S. market open.