Bitcoin (BTC) Rebounds to $77,800 After Slide Toward $76,400 Support

A Morning Dip on Upbit

Bitcoin (BTC) price slipped toward the bottom of its range in Asian trading hours on Wednesday before steadying, and the coin now changes hands at $77,788, up 1.3% over the past 24 hours. Upbit's won market, the main venue for Korean won pricing, recorded the day's stress most clearly: at 10:33 a.m. Korea time, or 01:33 UTC, the coin traded there at 103,543,000 won, a drop of 0.74%, or 769,000 won, from the previous close. The session had already printed a high of 104,513,000 won and a low of 103,530,000 won, and the quoted price at that moment sat only 13,000 won above the floor. Measured from that high, the market had surrendered roughly 970,000 won by the time of the reading, leaving sellers within reach of the day's low.

Turnover on the venue across the preceding 24 hours came to about 683.77 Bitcoin (BTC), or roughly 71.0 billion won in notional terms. The daily change and the 24-hour turnover use different counting windows, so the two figures should not be read as one continuous record. In dollar pricing the picture has improved since that morning reading: our live monitoring puts the market 0.5% higher than at the last published update. The won-market reading was also stamped about three and a half hours before the newest published flow commentary, so the dollar-market recovery came after both records were drawn up. The pressures behind the dip sit in fund flows and leveraged derivatives: sustained ETF outflows in the United States and forced closures of long positions, strains that had been building across the wider Bitcoin market through the opening days of November.

Monday's $398.6 Million Fund Outflow

Aggregate fund-flow records point to the first pressure. United States spot Bitcoin ETF products posted a net outflow of about $398.6 million on November 2, and BlackRock's IBIT fund accounted for roughly $405.3 million of redemptions on its own, which means the remaining products netted to modest inflows even as the largest fund bled. The drain carried past the weekend: separate coverage tracked a further $115.6 million IBIT outflow on November 3, extending the redemption run into this week. Flow commentary also cited lingering wariness after an exchange security incident as an additional weight on risk appetite.

Derivatives data supplies the second pressure. Roughly $82.27 million in Bitcoin (BTC) positions were liquidated across the 24 hours to the reading, and longs, the traders betting on higher prices, took about $77.64 million of that total, close to 94%. The sequence is mechanical: as price fell, venues closed leveraged longs whose margin no longer covered the position, and each forced sale fed the next leg lower. Spot holders who chose to HODL through the drawdown faced no such trigger; the selling came from margin calls, not from conviction.

Against that backdrop, the conditional map drafted before the morning reading framed $76,400 to $76,500 as the band to defend, with a hold leaving room for a renewed attempt at $78,000 and a clear four-hour close beneath $76,400 opening a path toward $75,000. The same bands appear in the current Bitcoin technical analysis breakdown. Won-quoted trading and dollar pricing run on separate order books, so those dollar levels do not transplant one-for-one onto the Korean venue. Earlier in the week, price had also held near $76,800 while Democrats led US midterm counts, a political backdrop that still frames risk appetite. Not every desk reads the flows as decisive: 10x Research's $90,000 year-end call still maps a recovery after the dip into the $70,000s.

Resistance Stacked at $78,380

Our composite support and resistance scoring puts the strongest resistance directly overhead at $78,380, a 100 out of 100 reading where the 100-day EMA, the 0.382 Fibonacci retracement and the value-area high converge, while the nearest support below sits at $76,794 with a score of 80. Momentum has not turned: the relative strength index reads 39.74 and the higher-timeframe trend is still labeled a downtrend. Positioning leans long, though: the perpetual funding rate sits at a mild 0.0052%, and a long/short account ratio of 2.63 means about 72.5% of tracked accounts hold longs, the same cohort that absorbed $77.64 million in forced closures over the past 24 hours. A four-hour close under $76,400 would put that long-heavy book under pressure again; a clean push through $78,380 would relieve it.