Bitcoin (BTC) Faces $76,155 Support Test After 5% Slide

From $80,500 to $75,468 in Two Hours

The open question after Thursday's session is whether the $75,600 to $76,000 floor that ended Wednesday's dip can absorb another hit. Bitcoin (BTC) price fell roughly 5%, sliding from above $80,800 to near $76,000 as a selloff in Nasdaq chip and AI stocks spread into crypto. Market data recorded an intraday low near $75,468 at around 10:55 ET, and the drop erased most of a rebound that had carried the coin from below $76,000 to about $81,105 after Tuesday's midterm results. The reversal came fast. Bitcoin (BTC) held near $80,000 through Wednesday, pushed past $80,500 in an early short squeeze, and stood more than $4,000 lower within roughly two hours of the U.S. equity open. The Nasdaq Composite lost as much as 3.9% and slipped into correction territory, 10% below the record close it set last month, while the S&P 500 dropped about 2%. At the time of writing, COINOTAG's live monitoring puts Bitcoin near $76,417, down 5.1% over 24 hours.

The strongest support directly beneath the market sits at $76,155, scored 71 out of 100 in COINOTAG's Bitcoin technical analysis model from indicators that include the Ichimoku Cloud bottom and the weekly S1. Overhead, the heaviest resistance sits at $82,229 with a 98/100 rating, close to where Wednesday's squeeze stalled. Positioning data suggests the flush caught a still-long market: perpetual funding ran at 0.0071% and open interest stood at $15.4 billion, so a large share of leveraged exposure entered the session on the long side. A decisive close below $76,155 would push the next test toward lower supports, while a reclaim of $82,229 would be the first clear evidence buyers had regained control.

The Democratic Sweep Hits the AI Trade

The trigger sat on Wall Street, and it was as much political as technological. Investors spent the session pricing in a Democratic-controlled Congress after Tuesday's midterms, with traders worried that new limits on the data center buildout could follow once the party takes committee control in January. UBS analysts estimated that roughly 30% of U.S. data center capacity additions expected in 2028 could be at risk from construction pauses. Chip names led the equity losses. Qualcomm slid about 9% after a weak smartphone-chip outlook, Nvidia and Broadcom each lost about 5%, Tesla dropped around 9%, and CoreWeave, Nebius and IREN fell between 9% and 13%, while Sandisk was down nearly 19% at one point. The selling began in Asia, where South Korea's Kospi closed more than 5% lower as Samsung and SK hynix sank. For crypto mining firms that have sold Bitcoin (BTC) to fund AI data centers, the same political risk now presses on both sides of the business.

Coinbase, Miners and Gold

Crypto-linked equities took their share of the rout. Coinbase fell 7.8%, Robinhood and Circle each lost about 10%, Strategy dropped 8.3% and Bullish shed 7.7%. Losses reached double digits among companies pivoting from mining to AI infrastructure: Keel Infrastructure slumped 17%, while Cipher Mining, IREN, Bitdeer, TeraWulf and CleanSpark lost between 13% and 15%. Haven demand lifted metals for part of the session. Gold (XAU) rose to $4,116 on safe-haven flows before surrendering part of the advance; COINOTAG data shows the metal last near $4,103, up 1.2% over 24 hours, with its strongest support at $4,041, scored 95/100, and resistance at $4,177.60. Silver (XAG) briefly slipped below $52 an ounce and now sits near $52.07, effectively flat on the day. The market also carried an overhang from the Oct. 29 security breach at crypto exchange Binance, though its weight beside Thursday's equity rout is hard to quantify.

$838 Million in Liquidations

Derivatives data shows the flush was violent. Roughly $838 million in crypto positions were liquidated over 24 hours, spread across 166,904 traders, and about $555 million of that came in the single hour after the U.S. open. Longs absorbed $741 million, or 88.4% of the total, confirming the losses concentrated in leveraged crypto futures rather than spot trading. Bitcoin's own tally reached $213 million, ahead of Ethereum's $122 million. The macro backdrop offered little cover: initial jobless claims fell to 189,000 last week, matching July's level and the lowest since 1969, against expectations of 196,000, a print that gives the Federal Reserve little reason to ease. Fund flows were a small offset: U.S. spot Bitcoin (BTC) ETFs took in a net $74.6 million on Wednesday, ending a three-day run of $1.12 billion weekly outflow, led by Fidelity's FBTC while BlackRock's IBIT saw money leave. The next tests are Friday's October jobs report, October CPI on Nov. 10 and the Fed's Dec. 9 decision, with House Democrats drafting a market structure bill ahead of January's committee handover. Whether the $75,600 to $76,000 zone survives that calendar decides whether Wednesday's rebound is fully erased.