📞 Narrative of the Week: Bitcoin Struggles to Hold $80K
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This week, the crypto market faced renewed pressure as the post-election rebound quickly lost momentum. Bitcoin briefly recovered above $80K following the U.S. midterm elections, but the rally was short-lived. A sharp sell-off in technology stocks on Thursday triggered another wave of risk aversion, dragging BTC below $76K.
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Bitcoin ended the week down approximately 3.2%, falling from around $78.2K to $75.7K. The pressure was particularly strong during U.S. trading hours, with the Nasdaq dropping 5.5% on Thursday and the semiconductor index losing more than 12%. The growing uncertainty surrounding AI-related investments added to the broader sell-off.
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Institutional demand weakened as well. U.S. spot Bitcoin ETFs recorded approximately $1.28 billion in net outflows between November 2 and 6, with withdrawals on four of the five trading days. Ethereum ETFs also faced significant redemptions, while more than $1.1 billion flowed out of major U.S. crypto funds during the first part of the week.
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The market is now dealing with several sources of uncertainty at once: weaker institutional demand, pressure from technology stocks, and changing expectations for Federal Reserve policy. Friday's U.S. jobs report added another variable to the outlook, keeping rate expectations in focus as traders assess the possibility of a December hike.
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The key area to watch next week is $75K–76K. Holding this zone could give Bitcoin room to stabilize and attempt another recovery. A sustained move below it would put the next support levels in focus and increase the risk of a deeper correction.