- Bitcoin is testing critical weekly support at $75,500 after failing to hold above $87,000.
- A weekly close below $75,500 will expose BTC to further losses to the $57,800 liquidity zone.
- Reclaiming $81,178 resistance will weaken the bearish outlook and give buyers another chance.
Bitcoin is approaching a critical support level around $75,500. A weekly close below this level confirms a bearish breakdown and opens the door to further downside toward $57,800. In other words, the $75,500 support level is now the key battleground for buyers and sellers.
Bitcoin Struggles Below $81,178 Resistance
Bitcoin is trading around $75,507 after failing to extend its recovery toward $87,000. The cryptocurrency has also struggled to regain upward momentum since reaching its previous cycle high above $120,000 in 2025.
One major obstacle remains the $81,178 resistance zone. Bitcoin recently faced rejection at this level, highlighting persistent selling pressure. BTC is now testing support around $75,500. Buyers must defend this level to prevent a deeper correction.
Breakdown Below $75,500 Targets $57,800
The chart identifies $57,800 as a major liquidity level and the next downside target. A weekly close below $75,500 confirms the breakdown and places Bitcoin on a path toward $57,800. This represents a potential decline of 23.4%.
Several support levels stand between the current price and the downside target:
- $75,001: Fibonacci support highlighted in Reuters’ November 4 analysis.
- $73,188: The 200-day moving average.
- Above $62,000: Previous price lows providing additional support.
- $57,800: The major downside liquidity target.
An intraday move below $75,500 does not confirm a breakdown. The decisive signal is a weekly candle closing beneath this support level. A recovery above $75,500 before the weekly close signals that buyers are defending the support zone.
Bitcoin Must Reclaim $81,178
On the other hand, Bitcoin needs to reclaim $81,178 to reverse its immediate bearish outlook. A decisive move above this resistance weakens selling pressure and gives BTC room to resume its recovery.
However, previous rejection at this level highlights the strength of the resistance zone. The chart also shows Bitcoin trading below its marked 12-month high of $108,353, while its 12-month low stands at $38,555.
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Market Conditions Increase Selling Pressure
Bitcoin’s recent decline coincides with weakness in the cryptocurrency market. Glassnode’s November 2 report highlighted elevated futures open interest and aggressive leveraged long positions, indicating that traders remained heavily positioned for higher prices.
On November 6, Bitcoin fell toward $75,000 as weakness in technology stocks and leveraged liquidations intensified selling pressure. These market conditions increase the importance of the $75,500 support level and raise the risk of further downside.
What Happens Next?
Bitcoin’s next major move hinges on its reaction around $75,500.
- Bearish scenario: A weekly close below $75,500 triggers a bearish breakdown, putting $73,188 and the support region above $62,000 in focus before the major $57,800 liquidity target.
- Bullish scenario: A recovery above $81,178 weakens the bearish structure and signals renewed buying pressure.
At the moment, $75,500 remains Bitcoin’s most important immediate support level. A weekly breakdown shifts market attention toward $57,800, while a successful defense of support keeps the recovery scenario alive.
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Related: Bitcoin Price Prediction: Scaramucci Sees Second Chance as BTC Revisits $76,000
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