Bitcoin (BTC) Selling Pressure Eases After Sharp Sell-Off

Bitcoin (BTC) traded near $76,000 in early New York trading Friday, Nov. 6, after a nearly 6% decline from above $80,000 the previous day. Analysts described the rebound as relief from selling pressure, not a confirmed reversal.

Weak chip-company results and concerns that a Democratic-controlled Congress could tighten oversight of data-center expansion weighed on risk appetite. The S&P 500 had its steepest one-day decline in more than a year on Nov. 5, while S&P 500 and Nasdaq 100 futures edged higher the next morning.

Investors pulled roughly $430 million from U.S. spot Bitcoin exchange-traded funds on Nov. 5. About $200 million came out of Fidelity Wise Origin Bitcoin Fund (FBTC), while BlackRock’s IBIT saw around $105 million in outflows.

Bitunix analyst Dean Chen described Bitcoin as finding some relief after the sharp sell-off and urged caution about calling the move a reversal. IG chief technical analyst Axel Rudolph linked the decline to doubts about returns on large AI investments, possible data-center regulation and investors leaving highly valued growth stocks. He also flagged Bitcoin’s relative steadiness during the equity drop as something to watch for signs that its price is becoming less tied to technology stocks.

Marex co-head of crypto trading Samuel Leyne characterized the rebound as temporary relief rather than a sustained recovery. He said confidence would need support from easing geopolitical tensions, lower oil prices or a stronger macroeconomic backdrop. Leyne identified stock performance, ETF flows and futures basis levels as indicators to monitor.