🎯 Why has it fallen so much? Three main reasons

1. The tech stock sell-off dragged Bitcoin down (the main reason)

On November 5, the Nasdaq 100 plunged 6.4%, with semiconductor stocks leading the losses. The reason was that Democrats swept the midterm elections, and the market fears that AI regulations will be tightened, affecting data center construction and returns on AI investments. Bitcoin now has a +0.64 correlation with the $Nasdaq 100, and when tech stocks fall, Bitcoin falls with them.

2. Cascading liquidation of leveraged positions

In 24 hours, the entire crypto market saw approximately $1.25 billion in liquidations, of which $1.11 billion were long positions (bets on prices rising). When the price fell, leveraged longs were liquidated en masse, and the forced selling in turn drove the price down further, creating a vicious cycle.

3. The impact of the $BTC Binance hack has yet to fade

Binance suffered a $6.3 billion hack on October 29, and net withdrawals reached approximately $6.1 billion. Although Binance has already reimbursed 98%, confidence was shaken, and spot Bitcoin ETFs recorded net outflows of approximately $1 billion in just a few days.

📉 Current key technical levels

The price of $BTC Bitcoin has fallen below the 50-week moving average (approximately $75,733), a level that has acted as support since mid-September. The next major support is the 200-day moving average, around $73,200. If it fails to hold, some analysts see a target of $69,000.

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In one sentence: The Binance hack was not the main cause of this decline, but it left the market “more fragile”; what really drove prices down was the fall in U.S. tech stocks, which caused risk capital to flee, while leveraged liquidations amplified the decline.#BitcoinRebounds$75KAsChipsLead #BTC