Crypto · $BTC/USD
Bitcoin Heads Into the Weekend Near an 11-Week Low as Options Traders Pay Up for Downside Protection
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Analysts are watching $75,000 and the 50-week average, while sentiment has swung from neutral to near extreme fear in a week.
By Noris Ortiz ·
Bitcoin enters the weekend hovering just above a key support zone after touching its lowest level in 11 weeks, with derivatives data showing traders leaning toward protection against further declines.
Decrypt reported that bitcoin traded near $75,570 on Friday after touching $74,780.91, its lowest intraday price since August 21. The token briefly traded above $87,000 in September [1]. CoinDesk put bitcoin at about $76,150 early on Friday, after a dip to roughly $75,200 late Thursday UTC [2]. The slide followed a sharp equity selloff in which the Nasdaq Composite fell 5.5% on Thursday, driven by fears that Democratic control of Congress could slow the AI data center buildout [2].
Leverage was a large part of the move. CoinGlass data cited by Decrypt showed $1.05 billion of liquidations over 24 hours, of which $930.04 million, or 88.2%, were long positions [1]. Sentiment shifted quickly: the Fear and Greed Index stood at 28, approaching extreme fear, compared with neutral a week earlier before the midterm elections [1].
Options pricing points the same way. The one-week 25-delta skew steepened to about 15% from about 11% a week earlier, which CoinDesk read as downside protection being bid, and put volume edged ahead of calls at roughly 51% to 48% over 24 hours [2]. Open interest in bitcoin futures was $22.1 billion, up from $21.8 billion, and the three-month basis held at 5.7% [2]. CoinDesk said leverage had been flushed and rebuilt, not added [2].
Technical levels are in focus. Decrypt noted bitcoin was trading below both its 50-day average near $79,756 and its 200-day average near $76,497, with a relative strength index of 37.7. It listed support at $74,780, then $73,000 to $72,500, then $70,000, and resistance at the 200-day average and then roughly $80,000 [1]. CoinDesk's daily newsletter said bitcoin had lost its 50-week exponential moving average, around $78,400, and was testing weekly support at $75,000. A weekly close below that average typically signals a medium-term break in the bullish trend, it said [3].
Analysts framed the next steps in similar terms. Wintermute OTC trader Jasper De Maere flagged $73,000 and $68,000 as potential downside targets, and said bitcoin would need to reclaim and hold $80,000 to signal renewed strength [3]. CoinDesk's Binance heatmap showed a cluster of long liquidity at $74,000 to $75,000 and a band around $76,800 to $77,000 as the upside level to watch [2]. Bitfinex analysts said a sustained bounce requires spot demand [3].
Broader crypto positioning is cautious. CoinMarketCap's altcoin season index stood at 44 out of 100, its lowest since September, CoinDesk reported [2]. Decrypt added that a stronger-than-expected U.S. October jobs report had raised expectations for a Federal Reserve rate hike in December, a factor that can pressure risk assets [1].
What to watch next: whether bitcoin holds $75,000 into the weekly close, how weekend liquidity behaves around the $74,000 to $75,000 cluster, and whether the equity market's reaction to the Fed outlook spills over when U.S. trading resumes on Monday.
Sources:
[1] Decrypt, "Crypto Liquidations Top $1 Billion as Bitcoin Tests 11-Week Low", November 6, 2026. https://decrypt.co/382717/bitcoin-price-11-week-low-crypto-liquidations-ai-stock
[2] CoinDesk, "Bitcoin steadies after AI-led selloff as eyes turn to latest U.S. jobs figures: Crypto Markets Today", November 6, 2026. https://www.coindesk.com/markets/2026/11/06/bitcoin-steadies-near-usd76-000-after-ai-led-selloff
[3] CoinDesk, "Over $1 billion in bullish bets liquidated while ETF flows suggest no help in spot market: Crypto Daily", November 6, 2026. https://www.coindesk.com/daybook-us/2026/11/06/over-usd1-billion-in-bullish-bets-liquidated-while-etf-flows-suggest-no-help-in-spot-market
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.