Bitcoin Falls Below $77,000 as Tech Selloff Hits Crypto
Bitcoin gave back $5,046 from its Nov. 4 peak on Nov. 5, 2026, erasing most of its post-election rebound as tech stocks sold off. Coinglass shows $838.54M in liquidations, 88.4% longs, with $554.66M hitting in a single hour.
$5,046. That is how much bitcoin gave back from its Nov. 4 peak on Thursday, Nov. 5, 2026, as a technology stock selloff spilled into crypto and dragged BTC below $77,000. Bitstamp data showed the slide from $81,105 to $76,059, with selling accelerating around 10 a.m. Eastern. By 10:55 a.m. ET, the session low was $75,468.
The drop erased most of Wednesday's post-election recovery, which had taken bitcoin from about $75,618 to $81,105. Total crypto market value fell 6.8% over 24 hours. Ether sank 7%. Bloomberg put bitcoin at a seven-week low as a rout in tech shares spilled into risky assets.
Liquidations hit longs hard
Leveraged longs took the damage. Coinglass data shows $838.54M liquidated over 24 hours across 166,904 traders. Longs made up $741.04M, or 88.4%, against $97.50M in shorts. BTC accounted for $213.31M and ETH for $122.13M.
Most of it came in a single hour. About $554.66M was wiped out in the hour to 10:30 a.m. ET, including $520.29M of longs. Binance carried 46.8% of all liquidations.
What triggered it
Reuters reported that Qualcomm fell about 10% premarket on disappointing smartphone chip sales, with Nvidia, Intel and other chip stocks also under pressure. At the open, the Nasdaq Composite was about 0.7% lower and the S&P 500 about 0.2% lower. The Dow gained about 0.6%.
Thursday's selling also followed renewed worries about AI infrastructure spending and possible regulatory restrictions affecting data centers. Wednesday's bounce had come after Democratic victories in both congressional chambers in the Nov. 3 midterms.
Crypto-specific pressure sits underneath: the Oct. 29 Binance security breach, which market commentary now puts at $6.3B, and uncertainty over Washington's regulatory direction. Our earlier coverage of the suspected Binance hot wallet hack put the outflow at $2.5B to $3.5B, a loss Binance had not confirmed at that time.
Levels to watch
Support sits at $75,600 to $76,000. The $75,468 session low has already pierced it. Resistance: $80,000 to $81,105. A reclaim of that band would signal buyers had retaken control, though neither level guarantees a reversal.
The cause is not cleanly separable. The drawdown alone cannot pin down why bitcoin sold off, and the relative weight of tech weakness, AI spending fears and the Binance breach is hard to quantify. The positioning data is clearer. Nearly 90% of the day's liquidations were longs, and two-thirds of the 24-hour total hit in one hour.
