Bitcoin (BTC) Trades Near $74,800 After 9% Slide From $81,000 High

Daily RSI Prints 34.01

Bitcoin (BTC) price has handed back roughly 9% from the high it printed immediately after the United States midterm elections, sliding from about $81,000 into the mid-$74,000s, and the technical damage left behind now reads as a change of regime rather than a routine pullback. Independent market analyst Nadim Zidan set out the case in a 9 November assessment of the daily chart: the short-term technical structure has weakened substantially, and market leadership has passed from buyers to sellers. His practical conclusion was restrained rather than alarmist. The current market, he argued, calls for a cautious approach rather than aggressive buying of the dip.

The momentum readings behind that judgment are unusually one-sided. The daily relative strength index (RSI) printed 34.01, its lowest since the previous correction phase, while the stochastic RSI, a shorter-cycle gauge of near-term buying strength, registered 11.18. The MACD kept its sell signal at minus 1,765.21 and continued to deepen in negative territory, with a separate momentum indicator at minus 3,163.59 and Bull-Bear Power, a measure of the balance between bullish and bearish pressure, at minus 4,811.65. An RSI in the low thirties usually appears once a downtrend has already run far, yet such readings can persist for weeks after a trend has flipped, and here the other gauges point the same way instead of offering a divergence. On Zidan's reading, none of this describes a temporary pause inside a healthy uptrend. It describes widening selling pressure and investors actively reducing positions, a distinction that matters for anyone deciding whether the mid-$74,000s is a bargain or a waypoint.

The moving-average stack adds further weight. Bitcoin's 10-day exponential moving average sits at $76,452, the 20-day at $77,991, the 50-day at $79,187, the 100-day at $77,539 and the 200-day at $76,435, and every one of them now stands above the market price. The aggregate technical scorecard counts 14 sell indications, 9 neutral and only 3 buy; filtered to moving averages alone it shows 13 sell against 1 buy, a full Strong Sell configuration. Zidan observed that an arrangement of this shape tends to appear at trend transitions or inside deep correction phases, not in healthy bull markets, which is why he gives it more weight than a routine oversold reading.

Support, in this framing, is a question rather than a wall. The $73,500 to $75,000 band is where traders are watching for a stand, but Zidan cautioned against trusting it without real buying demand behind it. More than $1.28 billion has drained from spot ETF products in net outflows, forced liquidations have added a second source of selling that hit leveraged longs from retail accounts to crypto whales alike, and appetite for global risk assets has thinned. Our earlier report on the $1.05 billion liquidation wipeout, in which longs absorbed 92% of the flush, points the same direction. Near-term supports sit at $73,500 and $70,000, and a break below opens $65,000 to $68,000 as the next adjustment zone. The deeper leverage-reset scenario runs to $60,000-$62,000, a band that would clear remaining long positions, normalize futures funding and bleed speculative froth from the altcoin market. Even there, Zidan judged, the long-term bull case survives, because the climb to $81,000 leaned heavily on leverage and speculative positioning; investors who HODL through the washout would keep the thesis intact. A rebound, when it comes, faces resistance at $76,450, then $78,000, then $81,000. Readings elsewhere in our coverage run parallel: short-term holder SOPR below breakeven and weak spot demand under $80,000 both describe a market still without a firm bid.

Longs Still Outnumber Shorts 3.21 to 1

Live monitoring put Bitcoin (BTC) at $74,838 at the time of writing, up 0.2% since 12:21 UTC but down 1.4% over 24 hours, and our composite support and resistance scoring, which grades each level from 0 to 100 using the indicators that converge there, places the strongest support below the market at $73,958, scored 100 out of 100. The nearest obstacle overhead, $76,331, carries a 72/100. Positioning has not yet fully flushed: perp funding still reads 0.0042%, and the long/short account ratio stands at 3.21, with 76.2% of tracked accounts long. That crowding is precisely the fuel the leverage-reset scenario needs, and it lines up with the wider Bitcoin technical analysis picture. What would change the reading: a defense of $73,958 on genuine spot demand, or a daily close back above $76,331, would force a re-rating of the entire setup.