Bitcoin dipped to below $76,000 on Thursday as the Nasdaq 100 dropped about 5%, erasing the gains it made after the midterm vote, CoinMarketCap data show.
More than $600 million in bullish crypto bets were liquidated in four hours, including about $190 million in Bitcoin, CoinGlass data show.
Glassnode puts support at $73,000 to $76,000 and says a sustained break below $73,000 would point to a longer consolidation.
Bitcoin (BTC) fell about 5% to less than $76,000 on Thursday as a selloff in US tech stocks erased its gains since the midterm vote. The drop put the price at the top of the $73,000 to $76,000 band that on-chain analytics firm Glassnode named as support a day earlier.
Bitcoin held steady overnight, then slid through the morning and fell faster after the US open, CoinMarketCap data show. The Nasdaq 100 fell by a similar margin. Investors weighed tighter rules on the AI buildout under a Democratic Congress, Le Private Banker reported. Glassnode says holding the band would keep Bitcoin's August uptrend intact.
A CryptoQuant gauge of how closely Bitcoin tracks the S&P 500 turned positive early Thursday for the first time in data going back to 2015.