From 81,105 to 75,601: The day that erased the election gains

From 81,105 to 75,601: The day that erased the election gains
In just 24 hours, Bitcoin plunged from a high of $81,105 to a low of $75,601—all the election gains vanished, and the market entered the jobs report from a position of weakness, not strength.
What actually happened?
The story started on Wall Street, not in crypto. The Nasdaq fell 5.52%, its worst tech session in months, amid concerns about AI valuations and data center regulation. Nvidia lost 9.26%, AMD 17.26%, and Micron 17.46%. Bitcoin—which had been celebrating its return to $80,000 just two days earlier—followed stocks below $76,000, wiping $140 billion off the crypto market cap in just 4 hours.
Morning assessment: Right yesterday and wrong yesterday
Yesterday we said holding above $80,000 was the test — and the market broke below it, then broke $78,200, then $76,588. The bearish scenario we laid out played out completely, not partially. And tonight’s question — $81,105 before the report, or a break below $80,000 first? — was settled by the drop, hours before the report. This is where many analysts fail: acknowledging the break when it happens, instead of dressing it up.
The numbers that explain today
Liquidations reached $1.03 billion in 24 hours, and 88 percent were long positions — meaning the market wasn’t just sold by new sellers, but also by buyers forced to sell. One trader lost 201 Bitcoin across 8 consecutive liquidations. But funding remained close to neutral, at 0.003 to 0.009 percent per 8 hours, and open interest fell 3 percent to around $27 billion — meaning leverage was flushed out, but it wasn’t what fueled the drop. The selling came from the spot market and risk reduction.
Institutional flows tell a divided story: Bitcoin funds recorded $74.6 million in inflows on Wednesday, breaking a three-session outflow streak totaling $1.16 billion — but the details show that Fidelity brought in $237 million while $201 million flowed out of BlackRock for the fourth consecutive day. Money coming in one door and going out another, and Thursday’s figures have yet to be released.
Options and the report
Bitcoin options worth $2.65 billion expired at 11:00 without pulling the price toward the max pain price of $79,000 — the market is far from it. Then the report came in much stronger than expected: 165,000 new jobs in October versus 65,000 expected, and unemployment at 4.1 percent versus 4.2 percent — pushing the odds of a December rate hike to around 80 percent. Bitcoin then held around $75,600 after briefly fluctuating above $76,100.
What’s next? Tomorrow’s levels
The level that will decide tomorrow is $75,600 — holding above it means consolidation, while a break below opens the way to $75,000 and then $74,750. A daily close below $74,750 invalidates the entire consolidation thesis. The first real resistance is $76,500, followed by $78,200. The jobs report came in strong — 165,000 jobs versus 65,000 expected, and unemployment at 4.1 percent — so the market chose pressure first, with $75,600 remaining the line to hold for consolidation.
So what does all this mean? The market flushed out leverage, but hasn’t found new buyers yet — and the strong report added pressure instead of easing it, leaving $75,600 as the test.
Quick question: After today, are you optimistic or cautious about the weekend? Write “optimistic” or “cautious.”
Source: Kraken, Coinglass, SoSoValue, Cointelegraph, U.S. Bureau of Labor Statistics — November 6, 2026
#Bitcoin #Crypto