Bitcoin recorded a notable decline during trading on November 2, 2026, falling to approximately $77,256 amid increased selling pressure and capital outflows from Bitcoin exchange-traded funds (ETFs), which recorded net outflows of approximately $643.2 million.
Bitcoin had previously managed to recover part of its losses following the resolution of issues affecting Binance and the reopening of withdrawal services. This helped ease investor concerns and restore some confidence in the market. Bitcoin subsequently climbed to around $78,600 before retreating to approximately $78,500 and resuming its downward trend amid continued selling pressure.
Technical Analysis
Bitcoin is trading below its major moving averages, reflecting a continued short-term bearish trend, with negative signals emerging from momentum indicators.
The cryptocurrency faces a key support level at $77,241. A break below this level could trigger further declines toward $76,330.
On the upside, resistance levels stand at $77,351, followed by $77,639 and $78,049. Bitcoin would need to break above these levels to regain positive momentum.
Market indicators suggest that Bitcoin has entered oversold territory, although this does not necessarily signal an imminent recovery.
Price movements around these key support and resistance levels will remain crucial in determining Bitcoin's direction in the coming period.
