Bitcoin price has remained below $76,000 during Sunday’s trading session as the cryptocurrency market approaches another negative weekly close, with several major altcoins recording double-digit losses over the past seven days.
Summary
- Bitcoin price remained below $76,000 on Sunday after falling nearly 3% over the preceding seven days.
- NEAR, Bitcoin Cash, Hyperliquid and Stellar posted double-digit weekly declines as altcoin selling continued widely.
- U.S. spot Bitcoin ETFs recorded $1.28 billion in withdrawals during the November 2–6 trading week.
- TRON and Zcash gained over the week, contrasting with falling prices across several major altcoins.
- Analyst Michaël van de Poppe identified $76,000 as Bitcoin’s immediate threshold for renewed upward momentum.
The November 8 market data showed Bitcoin price trading near $75,882, down nearly 2.69% over the week. Although the cryptocurrency experienced relatively little movement during the weekend, its failure to recover above $76,000 followed several volatile sessions that pushed prices briefly below $75,000.
Selling pressure has been more pronounced among smaller cryptocurrencies, with NEAR, Bitcoin Cash, Hyperliquid and Stellar suffering weekly declines exceeding 10%.
Ethereum and BNB have recorded smaller losses, while TRON and Zcash remain among the few major assets trading higher over the same period.
Bitcoin Price Struggles to Recover Above $76,000
Bitcoin entered the weekend after another difficult week that saw several recovery attempts fail to hold.
The cryptocurrency began November under pressure following the October 29 Binance security breach, which involved an estimated $6.3 billion in stolen digital assets. The incident coincided with a Bitcoin sell-off below $77,000 as traders reduced exposure across cryptocurrency markets.
During the following sessions, BTC recovered toward $78,000 before renewed selling interrupted the rebound. The U.S. midterm elections brought further volatility, with Bitcoin briefly climbing above $81,000 on Wednesday as financial markets rallied.
However, the recovery quickly reversed. By Friday, Bitcoin price had fallen below $75,000 before recovering toward $76,000, leaving much of the week’s earlier gains erased.
The latest market reading placed Bitcoin at $75,882, with a market capitalization of almost $1.526 trillion. Its 24-hour trading volume stood near $10.56 billion, while the weekly decline remained close to 2.7%.
Crypto analyst Michaël van de Poppe said that Bitcoin price had shown little movement over the weekend, with $76,000 remaining the immediate level to watch.
“Technically, Bitcoin has swept the lows, meaning we’re likely to break higher,” van de Poppe wrote.
He argued that Bitcoin would need to move above $76,000 to build upward momentum. His assessment suggested that a breakout early next week could lead to a faster recovery, although the move had not materialized when he published his comments.
Bitcoin ETF Withdrawals Add to Weekly Market Pressure
Institutional fund flows remained negative during the week, adding another source of pressure on Bitcoin.
U.S. spot Bitcoin exchange-traded funds recorded $1.28 billion in net withdrawals between November 2 and November 6, according to Farside Investors data.
As crypto.news reported on November 7, the funds recorded $411.9 million in withdrawals on Friday alone. BlackRock’s IBIT accounted for $403 million of that amount, while Fidelity’s FBTC attracted $42.8 million.
Ethereum investment funds experienced similar selling. Their weekly net outflows reached $365.2 million, bringing combined Bitcoin and Ethereum ETF withdrawals to roughly $1.65 billion.
Bitcoin’s technical position remains closely watched as a result of its recent inability to establish a sustained recovery.
A November 7 technical assessment placed the 50-week moving average near $75,562, close to the $75,000 support area. The same analysis identified liquidation concentrations around $76,500–$77,500, with further positions clustered below $75,000.
NEAR, BCH and HYPE Lead Weekly Altcoin Losses
Altcoins recorded deeper losses than Bitcoin, although the size of the declines varied considerably across the market.
NEAR traded around $3.71 after losing 15.21% over seven days. Bitcoin Cash fell 12.8% to nearly $246.26, while Hyperliquid’s HYPE declined 11.96% to $77.35.
Stellar’s XLM dropped 10.62% to roughly $0.151, placing it among the larger cryptocurrencies experiencing double-digit weekly declines.
Other major tokens recorded smaller losses. XRP traded near $1.17, down 7.23% over the week, while Solana fell 6.04% to $89.63.
Chainlink declined 8.21% to $10.78, Cardano lost 6.85% to $0.181, and Dogecoin dropped 6.06% to approximately $0.0713.
Meanwhile, Ethereum traded near $2,239, down 1.35% over seven days. BNB changed hands around $698 after losing 2.15%, showing comparatively smaller weekly declines.
TRON and Zcash Record Gains as Market Remains Weak
A limited number of larger cryptocurrencies managed to post gains during the same period.
TRON’s TRX traded around $0.320, gaining 3.09% over seven days. Zcash rose 2.78% to almost $1,273, although its latest daily performance remained negative.
Monero recorded a smaller weekly decline of 0.55%, trading near $600, while Uniswap lost 2.95% to $7.03.
Further down the rankings, Ethena’s ENA dropped 18.6% over the week, with its price near $0.153. Ondo declined around 12.9% to $0.360, extending its losses over the previous month.
Bitcoin remained the largest cryptocurrency by market capitalization at nearly $1.526 trillion, followed by Ethereum at roughly $273.5 billion. The market continued trading with Bitcoin below the $76,000 level identified by analysts as the next immediate resistance area.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
