- Bitcoin remains bearish below all four major EMAs, with $75,271 serving as immediate support.
- BTC open interest rebounds to $52.01 billion, signaling renewed derivatives market participation.
- Scaramucci views Bitcoin’s return to $76,000 as a reversal of its post-election gains.
Bitcoin (BTC) faces renewed selling pressure after surrendering gains accumulated since Donald Trump’s November 2024 presidential election victory. The cryptocurrency trades near $75,650, following another failed attempt to recover the $80,000 level. Meanwhile, SkyBridge Capital founder Anthony Scaramucci sees the latest market decline as another opportunity for investors.
Bitcoin Bears Maintain Control Below $80,000
Bitcoin’s daily chart continues displaying a bearish structure after its rejection near $80,000. BTC currently trades below all four major exponential moving averages (EMAs).
The 20-day EMA stands at $79,203, while the 50-day EMA sits around $79,819. Additionally, the 100-day EMA remains at $77,768, with the 200-day EMA near $76,534.
These indicators collectively highlight sustained selling pressure across different trading periods. Significantly, Bitcoin’s position below its 200-day EMA weakens expectations for an immediate recovery.
The immediate support level stands at $75,271, near Bitcoin’s recent swing low. A breakdown could expose psychological support around $74,000 and potentially $73,000.
However, the Bollinger Bands %B indicator currently reads approximately 0.06. This places Bitcoin close to its lower band, suggesting stretched short-term selling conditions.
A recovery above $76,534 would provide the first indication of improving buyer confidence. Besides, reclaiming $78,147 could strengthen recovery prospects toward $79,203.
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A sustained breakout above $79,819 would significantly improve Bitcoin’s technical outlook. Consequently, traders will closely monitor these resistance levels before considering a stronger bullish reversal.
Bitcoin Open Interest Signals Renewed Derivatives Activity
Bitcoin’s derivatives market shows signs of recovering participation despite the ongoing price weakness. Open interest previously climbed above $90 billion in September 2025.
However, subsequent liquidations and declining participation pushed the metric toward $45 billion. The indicator has gradually recovered, reaching approximately $52.01 billion in its latest reading. This increase suggests traders have started rebuilding derivatives positions.
Exchange Flows Reveal Mixed Investor Sentiment
Bitcoin’s spot exchange flows continue reflecting uncertainty among investors. Several significant inflow spikes appeared between February and September, highlighting periods of increased exchange deposits.
However, outflows have remained frequent throughout the observed period. On November 6, Bitcoin recorded approximately $22.42 million in net outflows.
Scaramucci Highlights Bitcoin’s Lost Election Gains
Scaramucci recently highlighted Bitcoin’s return to approximately $76,000 following the November 2026 midterm elections. He compared this price with Bitcoin’s valuation on November 5, 2024, following Trump’s presidential election victory.
The comparison highlights how Bitcoin has erased much of its previous election-driven appreciation. Moreover, it introduces an interesting contrast between political expectations and actual market performance.
The cryptocurrency initially attracted optimism surrounding Trump’s support for digital assets. However, changing market conditions have since challenged those expectations.
Technical Outlook for Bitcoin Price
Key levels remain well-defined as Bitcoin struggles below $76,000:
- Upside levels: $76,534 (200-day EMA), $78,147 (0.236 Fibonacci), and $79,203 (20-day EMA) represent immediate recovery hurdles. A breakout above $79,819 (50-day EMA) could extend toward $81,301 and $82,725.
- Downside levels: $75,271 remains critical immediate support. A breakdown could expose Bitcoin to $74,000 and $73,000.
- Resistance ceiling: The $79,203-79,819 zone represents the key barrier Bitcoin must overcome to restore bullish momentum.
The technical picture reflects a bearish market structure, with BTC trading below all four major daily EMAs. The Bollinger Bands %B reading of 0.06 also places Bitcoin near the lower band, highlighting persistent selling pressure.
Outlook: Will Bitcoin Go Up?
Bitcoin’s price prediction hinges on whether buyers can defend $75,271 and reclaim the $76,534 resistance level. A successful recovery could encourage another attempt toward $78,147 and the $79,203-79,819 resistance cluster.
Additionally, recovering open interest around $52.01 billion suggests renewed derivatives participation. Recent spot net outflows of $22.42 million could also ease immediate selling pressure.
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However, failure to defend $75,271 risks extending the correction toward $74,000 and $73,000. For now, Bitcoin remains in a critical technical zone. Buyers need stronger demand and a decisive EMA reclaim to challenge the prevailing bearish outlook.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
