Bitcoin fell more than 6% to a seven-week low on Thursday, dropping below $76,000 as US stocks reversed their post-midterm election gains and investors moved away from riskier assets.
According to TradingView data, BTC/USD touched $75,463 on Bitstamp, its lowest level since September 16. The decline also pushed Bitcoin briefly below its 50-week simple moving average (SMA) of $75,733, putting a key technical support level under pressure.
The sell-off extended across US equity markets, with the S&P 500 falling 2.7% and the Nasdaq Composite Index dropping 4.2%, reaching its lowest level since July 29. Technology stocks faced particular pressure as investors reassessed the potential impact of the US election results on the sector.
Oil prices also rebounded amid reports of fresh tanker strikes in the Middle East and uncertainty surrounding the US-Iran conflict. WTI crude climbed above $90 per barrel, while Brent crude rose 2.5% to nearly $97.
Crypto liquidations added to market pressure, with nearly $500 million in positions liquidated during the first hour of US trading. Total liquidations across the crypto market approached $850 million over 24 hours.
Bitcoin now faces pressure around its 50-week moving average and the lower end of its recent trading range. Crypto trader Rekt Capital also highlighted similarities with May’s price movement, when Bitcoin’s consolidation around $80,000 preceded a further decline to approximately $57,000 in late June.
