Bitcoin tests $77,000 support level... pressure from spot selling and ETF fund outflows
Original headline비트코인 7만7000달러 지지선 시험대…현물 매도·ETF 자금 유출 부담
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Bitcoin briefly fell to $75,839—the average cost basis for short-term holders since the U.S. midterm elections—before rebounding into the $77,000–$80,000 support zone, according to a Nov. 4 Bitfinex report. The recovery is being propped up by perpetual futures buying while spot demand stays weak and spot ETF outflows add pressure, raising doubts about whether the support level can hold. Bitfinex noted that past Bitcoin bottoms built mainly on perpetual futures buying have not lasted long, making the composition of buyers after this support test the key signal to watch.
Muhabbit's AI wrote this summary in its own words from TokenPost's report and translated it from Korean. It can get details wrong, so check the source.
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Bitcoin (BTC), Bitfinex, US midterm elections
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