$BTC — Bearish Pressure Still Looms, Critical Support at $74.850

Reference price: $75.943

BTC remains under pressure following a sharp correction. On the daily timeframe, the RSI is around 39.3 and the 4H trend is still bearish. However, the weekly bias has not entirely lost its bullish direction.

Weekly Fibonacci (swing $62.275–$87.396):

- 0.236: $81.466
- 0.382: $77.800
- 0.500: $74.835
- 0.618: $71.871
- 0.786: $67.643

Support & Resistance:
Support: $74.850 | $73.238 | $71.871
Resistance: $76.377 | $77.800–$78.174 | $79.690

Real Market Scenario

Bullish: BTC needs to reclaim $76.377 and break through the $77.800–$78.174 area to open the door to a recovery toward $79.690.

Bearish: If support at $74.850 is breached and fails to be reclaimed, the risk of a decline to $73.238 and then $71.871 increases.

Latest news:
A November 6 CoinDesk report said BTC briefly rebounded from around $75.200 after a sell-off triggered by concerns about the AI sector. Leveraged position liquidations reached around $1.27 billion over 24 hours, with the majority being long positions. Outflows from U.S. spot Bitcoin ETFs also continue to weigh on the market.

Conclusion:
BTC is at a decision point. $74.850 is important support, while $76.377 is the initial resistance. Don’t rush into a position; wait for confirmation from price and volume.