Bitcoin is struggling to find clear direction, trading sideways around the 100 million won mark. While New York stocks surged on bargain-hunting in technology shares, the cryptocurrency market remained constrained by regulatory uncertainty and institutional capital outflows, limiting its recovery. Bitcoin has now posted losses for five consecutive weeks, remaining in a downward trend.
As of 8:10 a.m. on Nov. 10, Bitcoin was trading at 101.99 million won, or approximately $75,812, on domestic cryptocurrency exchange Bithumb, up 0.20% from 24 hours earlier. Separately, Bitcoin was quoted at $75,183 on CoinMarketCap, precariously holding above the $75,000 level. Ethereum rose 1.10%, while Solana and XRP fell 0.40% and 0.84%, respectively, reflecting mixed trading across major altcoins.
Overnight, U.S. equity markets posted strong gains, supported by a sharp drop in crude oil prices and a rebound in technology stocks, with the Nasdaq surging 2.74%. The Philadelphia Semiconductor Index also climbed 6.85%, as bargain-buying spread across the technology sector. Bitcoin, however, fell as low as $73,667 intraday, signaling a weakening correlation with equities. Crypto media outlet CoinDesk noted that Bitcoin has repeatedly tracked stocks closely during market downturns but has failed to follow them during rallies.
Several factors are weighing on the cryptocurrency market. Concerns have emerged that regulatory pressure on AI data centers and the cryptocurrency industry could intensify following Democrats’ gains in both chambers of Congress in the U.S. midterm elections. Last month’s hacking incident at Binance and substantial outflows from spot Bitcoin ETFs have also weighed on investor sentiment. On Nov. 5, U.S. spot Bitcoin and Ethereum ETFs recorded combined net outflows of $530.1 million. The withdrawals from spot ETFs, a key investment channel for institutional investors, have raised concerns about weakening demand for digital assets.
Stronger-than-expected U.S. employment data has added to the pressure. Resilience in the labor market has fueled concerns that the Federal Reserve could raise interest rates rather than cut them, with markets at one point pricing in roughly an 80% probability of a 0.25-percentage-point rate hike in December. Caution ahead of the release of October's U.S. Consumer Price Index has further discouraged investors from taking on risk.
Rising price volatility has also triggered large-scale liquidations in the derivatives market. According to CoinGlass, approximately $1.2 billion worth of positions were liquidated over a 24-hour period, with more than 80% involving long positions betting on price increases. Bitcoin alone accounted for $324 million in liquidations, adding to selling pressure. About 87% of Bitcoin liquidations involved long positions, concentrating losses among traders who had bet on further gains.
The kimchi premium, which measures the difference between domestic and overseas cryptocurrency prices, stood at 1.20%, indicating that Bitcoin was trading at a modest premium in South Korea. However, the Fear and Greed Index registered 29, placing market sentiment in the Fear category and suggesting that investors remained cautious.
Market attention is now focused on the U.S. October CPI report, scheduled for release on the night of Nov. 10, Korea time. The data could influence the Federal Reserve’s future interest rate decisions. Markets expect headline CPI to rise 0.3% month over month, while core CPI, which excludes volatile food and energy prices, is also forecast to increase 0.3%. Whether inflationary pressures show signs of easing could influence the recovery of investor sentiment in the cryptocurrency market.
From a technical standpoint, $74,400 is viewed as the first major support level. If Bitcoin’s weekly closing price falls below that threshold, it could decline further toward $72,550 and the $69,000 range, where the 200-week exponential moving average is located. On the upside, Bitcoin would need to break through resistance at $76,040 and $78,250 in succession to signal a sustained reversal into an uptrend.
