Bitcoin Tests $76,000 Support as Crypto Liquidations Surge to $440 Million

Bitcoin traded near $78,006 after dipping below $76,000 for the first time since mid-September, testing a crucial support zone between $76,000 and $78,000. The broader cryptocurrency market experienced up to $440 million in 24-hour liquidations, impacting 91,821 traders. Long positions accounted for $269 million of the total wiped-out leverage, with Bitcoin alone seeing $163.8 million in liquidations. The downturn was exacerbated by institutional outflows, as US spot Bitcoin ETFs registered $398.6 million in net withdrawals on November 2, led by $405.3 million pulled from BlackRock's IBIT.