Bitcoin rebounded to around $78,300 on Nov. 4, 2026, recovering from a seven-week low of $75,600 triggered by US midterm election volatility. Despite climbing back above $78,000, Bitcoin remains capped below the $79,500 resistance level closely watched by technical traders.
This resistance test aligns with observations from analyst Doctor Profit, who noted that Bitcoin is testing its Level 2 resistance zone at $78,400 after market sentiment was rattled by the Binance hack. The price return to this range brings the market face-to-face with a new technical ceiling.
Why the $75,875 Level Is Crucial Support
On-chain analyst Ali Martinez highlighted the short-term holder realized price at $75,875 as crucial support. Martinez compared Bitcoin’s drop to $76,195 with three historical bounce cycles. The first cycle occurred in March 2023 when the price sat at $19,979 against the $19,794 level. The second was recorded in June 2023 when the price touched $25,130 against $25,600. The third pattern played out in May 2024 when the price dropped to $58,325 against $58,570.
Analyst Michaël van de Poppe viewed the rebound as a post-election “sell the rumor, buy the news” pattern. According to him, the move could potentially establish a local price floor if Bitcoin forms a higher low above its previous drop.
ETF Outflow Pace Shrinks 82%
In the institutional market, US spot Bitcoin ETFs logged net outflows for three consecutive trading sessions, losing roughly $115.6 million in capital on Nov. 3, 2026.
The pace of withdrawals slowed by 82% compared to the record $643.2 million outflow recorded on Oct. 30, 2026. At the same time, BlackRock’s IBIT saw roughly $95 million in redemptions during the latest trading session, down from $405.3 million in the prior session.
Regulatory Momentum Slows Under Divided Congress
The selling pressure that dragged Bitcoin down to $75,600 stemmed from political dynamics in Washington. Market sentiment was pressured following confirmation that the Democratic Party secured control of both the US House and Senate. The victory creates a divided government under President Donald Trump, a setup likely to slow progress on digital asset regulations.
For technical traders, attention is now focused on tests of the $78,400 level up to the $79,500 resistance ceiling. Until price breaks above that resistance barrier, the realized price at $75,875 serves as pivotal support determining the market’s next move.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
