Bitcoin Reclaims $76,000 After Slide; Easing Selling Pressure Leaves $77,000 as Key Hurdle

Bitcoin regained the $76,000 level after a sharp selloff a day earlier, though the move is being viewed as a temporary easing in selling pressure rather than the start of a full-fledged trend reversal.

Bloomberg reported that Bitcoin was trading at about $76,000 in New York morning trading on Nov. 6. The token recovered part of its losses after plunging about 6% from above $80,000 the previous day. Major altcoins including BNB, Zcash and HYPE also climbed about 1% to 3%.

US stocks tumbled the previous day, led by artificial intelligence-related shares. Concerns over tighter data-center regulation and weak earnings from semiconductor companies helped drive the S&P 500 to its biggest decline in more than a year. On Nov. 6, S&P 500 and Nasdaq 100 futures rebounded modestly, offering some support to risk sentiment.

Dean Chen, an analyst at Bitunix, said the current move was better viewed as an easing in selling pressure than as evidence of fresh buying.

The digital-asset market has yet to fully shake off the impact of the Binance hack on Oct. 29. The slump in AI-related stocks has also spilled over into crypto, adding to pressure on investor sentiment.

US spot Bitcoin ETFs recorded total net outflows of $430 million the previous day. The Fidelity Wise Origin Bitcoin Fund saw about $200 million leave, while BlackRock's IBIT posted net outflows of roughly $105 million.

Samuel Leyne, co-head of digital-asset trading at Marex, said the current bounce looked more like a temporary relief rally than a sustained recovery. He added that Bitcoin needs to reclaim $77,000 to regain upward momentum, while continued weakness in stocks could put the $75,000 level back to the test.