Bitcoin is trading near $75,675, marking a drop of roughly 6.15% in the latest session. Technical signals point to continued selling pressure, with the $73,000 support zone emerging as a crucial reference for determining whether the current price correction may deepen.
Analyst Benjamin Cowen flags risk of further declines
Market analyst Benjamin Cowen has expressed concern that Bitcoin could face another selloff if the NASDAQ 100 returns to its summer lows. In a recent statement on X, Cowen referenced the historical relationship between major equity indices and Bitcoin’s performance.
“If the NASDAQ can go back to the summer lows, then so can Bitcoin,” Cowen wrote, emphasizing the linkage between technology stocks and cryptocurrency markets.
If the NASDAQ can go back to the summer lows, then so can Bitcoin.
Technology stocks have come under renewed pressure amid volatility in broader markets, reinforcing Cowen’s concerns. The NASDAQ chart highlights the significance of its summer low as a level to watch if equities continue to weaken.
Cowen’s perspective focuses on the growing correlation between Bitcoin and risk-sensitive assets. While Bitcoin operates independently of traditional markets, the rise in institutional involvement and changes in global liquidity conditions have made it more sensitive to shifts in investor sentiment.
Cowen’s assessment follows his October market analysis, where he identified a risk of another quarterly low for Bitcoin following similar moves earlier in the year. He mentions $72,100 as a key threshold in his quantile regression model and points to $73,000–$75,000 as a region to monitor. Breaking below this band could signal increased downside risk.
According to Cowen, a more bearish scenario could see Bitcoin test the $58,000 mark if the market undergoes a broader correction. Such a drop would bring its price closer to June 2026 lows and erase the summer recovery. At the same time, Cowen notes that market correlations can shift and that Bitcoin does not always mirror equity trends during every cycle.
Mini dictionary: Benjamin Cowen is a well-known cryptocurrency analyst recognized for his macroeconomic research and quantitive approaches to market analysis, particularly focusing on long-term Bitcoin cycles.
Glassnode reports resilient Bitcoin trading activity
While Cowen’s view highlights downside risks, data from Glassnode—a blockchain analytics provider—suggests the market remains active. Glassnode’s seven-day average spot trading volume, which covers major exchanges, shows that participation has not fallen to the lows recorded before the August 2026 rally.
Despite Bitcoin’s slide from its 2026 peak near $120,000, spot trading activity remains above its August trough. This indicates that buyers and sellers are still active, even as prices trend lower.
Trading volume offers insight into overall market engagement. If both price and volume decline, it often signals waning participation. In contrast, stable trading activity during price corrections suggests ongoing interest from market participants.
Glassnode’s methodology aggregates spot trades denominated in U.S. dollars, allowing for comparison across individual venues and wider markets. According to the latest chart, there has not been a return to the prolonged inactivity that characterized Bitcoin’s price action before August.
Elevated trading volumes do not necessarily point to imminent buying. Increased activity may reflect profit-taking or growing selling interest during corrections. However, current volume trends suggest that the correction is playing out in an engaged market rather than a stagnant one.
Mini dictionary: Glassnode is an analytics firm that provides on-chain metrics and market insights by monitoring blockchain data, exchange activities, and trading volumes for cryptocurrencies like Bitcoin.
Technical indicators reveal persistent selling pressure
Current technical analysis reflects a bearish short-term outlook for Bitcoin. On November 6, BTC was below most key moving averages, with aggregated data from TradingView showing 16 sell signals, nine neutral readings, and one buy indication.
Moving averages were responsible for 13 sell signals, indicating prevailing negative momentum. Meanwhile, oscillators produced three sell and eight neutral signals. The Relative Strength Index hovered near 38, highlighting weakening momentum but not yet reaching oversold territory. The Stochastic RSI registered around 49, and the Commodity Channel Index (CCI) was approximately -141.
Other momentum indicators, including the Awesome Oscillator and MACD, also registered negative values at roughly -3,774 and -1,403, respectively, both generating sell signals. The moving-average structure further highlights Bitcoin’s slide below its recent trading range.
Key averages included the 10-day EMA at approximately $77,860, the 20-day EMA at $79,100, and the 50-day SMA around $81,974—each above the present market price. The 200-day EMA stood near $76,481, with the 200-day SMA at $73,190, which was the only one producing a buy signal. The $73,000 region, therefore, is acting both as a technical reference and as a pivotal support zone.
| Indicator | Value | Signal |
|---|---|---|
| 10-day EMA | $77,860 | Sell |
| 20-day EMA | $79,100 | Sell |
| 50-day SMA | $81,974 | Sell |
| 200-day EMA | $76,481 | Sell |
| 200-day SMA | $73,190 | Buy |
Key support and resistance levels guide outlook
Bitcoin’s near-term technical landscape places heightened importance on the $75,400–$73,300 band. The Camarilla pivot system identifies supports at $75,405 and $74,392, while the classic pivot system points to $73,329 as first support.
If Bitcoin holds $75,400, it could stem further losses. A breakdown puts $73,300—and by extension, $73,000—in focus for buyers. Should sellers force a move below $73,000, the next classic pivot support lies near $69,227, which could open the door to deeper declines. Cowen’s outlook indicates that only a sharper downturn, however, would drive Bitcoin toward $58,000.
On the flip side, a sustained rebound above $77,000–$78,000 would indicate short-term stabilization. Broader resistance sits between $79,000 and $80,000, where multiple moving averages and pivot levels converge. For a stronger shift to bullish momentum, Bitcoin would need not only to break through resistance but also to hold above higher moving averages already lost.
Market focus: NASDAQ risk and spot demand
Macro conditions will continue to influence Bitcoin’s trajectory. Cowen’s caution highlights the risk that renewed weakness in technology stocks could further pressure risk assets like Bitcoin.
On November 5, the NASDAQ-100 lost 6.4% during the U.S. session, while Bitcoin fell toward $76,000. These simultaneous declines point to a period of broader risk aversion, though causality remains uncertain.
The derivatives market reflected the volatility, with approximately $1.24 billion in liquidations recorded over 24 hours on November 6. Of this, $325 million came from Bitcoin, with about 90% of those liquidations impacting long positions. Forced unwinding of leveraged bets can exacerbate price swings, but these events do not always translate to immediate outflows from the spot market.
Looking ahead, the main question for Bitcoin remains whether steady trading activity can offset selling pressure in the face of ongoing macroeconomic uncertainty. Glassnode’s data indicates that market interest persists, even as bearish technical readings dominate. For now, the $73,000 threshold stands as a key test for the near-term outlook, with a break below likely to validate the more negative forecasts suggested by Cowen.
