Bitcoin Holds $75,000 After $1.26 Billion Liquidation Flush — Today's US Jobs Report Is the Next Test

Bitcoin is holding the $75,000 line on Friday morning, November 6, 2026 — but only just. After a brutal Thursday session that erased Wednesday's entire rebound, the world's largest cryptocurrency is trading near $75,900, down about 5.8% in 24 hours, and the market is now waiting on one number: the US October jobs report, due at 13:30 GMT today.

The sell-off was not a slow bleed. Bitcoin fell from above $80,000 toward $76,000 in a single session, printing a 24-hour low between $75,259 and $75,369 depending on the feed, before buyers stepped in. Crucially, Bitcoin closed back above its prior low of $75,625 — the level traders had marked as the line that would confirm the reversal had failed. For now, that line is holding.

More than $1.26 billion in liquidations

The scale of the leverage flush explains the speed of the move. More than $1.26 billion in crypto positions were liquidated over 24 hours, and nearly 90% of them were long positions — traders betting on higher prices who were forcibly closed out as the market fell. Bitcoin alone accounted for roughly $325 million of those liquidations.

That is the classic pattern of a leverage-driven drop: the spot market falls, leveraged longs get wiped out, their forced selling pushes prices lower still, and the cycle feeds on itself until the leverage is gone. One closely watched data point suggests the flush is now largely done — but a flush is not the same as a recovery.

Why it happened: Wall Street led the way

Crypto did not fall in isolation. The trigger came from US equities, where the technology-heavy Nasdaq Composite plunged 5.52% on Thursday, November 5, and the Nasdaq-100 fell as much as 6.4% intraday, as investors pulled back from semiconductor and artificial-intelligence stocks over worries about AI data-centre spending and valuations.

The fear spread fast:

• Nasdaq Composite: down 5.52% on Thursday
• S&P 500: down 4.36% in the same session
• Ethereum: down about 8.5% in 24 hours, falling below $2,300 to around $2,217
• Crypto Fear and Greed Index: down to 28–32, firmly in "Fear" territory
• Bitcoin: down more than 40% from its peak earlier this year

Asia followed overnight, with markets falling another 6–8% while the US slept. Bitcoin's 24-hour range of roughly $75,200 to $80,800 — a spread of more than 7% — tells you how violent the session was.

The one bright spot: ETF flows turned

There was one encouraging signal buried in the selling. US spot Bitcoin ETFs recorded $74.57 million in net inflows on November 4, ending three consecutive trading days of outflows. It is a small number next to a $1.26 billion liquidation, and it did not stop Thursday's slide — but it shows that long-term ETF buyers stepped in while leveraged traders were being washed out. That split between patient capital and leveraged capital matters for what comes next.

All eyes on the jobs report at 13:30 GMT

The next test arrives today. The US Bureau of Labor Statistics releases the October employment report at 13:30 GMT (8:30 a.m. ET), and economists expect:

• Nonfarm payrolls: +65,000 jobs, up from only 29,000 in September
• Unemployment rate: unchanged at 4.2%
• Average hourly earnings: +0.3% month-on-month

The report matters because it shapes what the Federal Reserve does next. After the Fed's 25-basis-point hike in September took the target range to 3.75%–4.00%, traders have been scaling back expectations of another hike — the probability of a December hike fell from around 86% to about 64% after Thursday's rout. A weak jobs number could push that further down and ease pressure on risk assets. A hot number would do the opposite.

For Bitcoin, the levels are clear. Support sits at $75,000–$76,000, with the 50-week average near $75,548 and the prior low at $75,625 just below the current price. A daily close below $75,625 would open the door to deeper losses. On the upside, Bitcoin needs to reclaim and hold $78,000 before any recovery can be taken seriously.

What this means for traders

This is a market that has just been deleveraged, not a market that has found a bottom. The liquidation flush removes forced sellers, which is healthy — but the macro drivers that caused the sell-off, from AI-stock valuations to interest-rate expectations, have not gone away. Today's jobs report will decide whether Friday is a stabilisation day or the start of another leg down.

Zimbuck will keep tracking the jobs data and Bitcoin's reaction through the day. Follow the Zimbuck News page and join the discussion in the Zimbuck Market News group. Related reading on Zimbuck: Bitcoin Faces a $2.65 Billion Options Expiry Today as Price Slides Below $76,000 and Ethereum Falls Below $2,300 After 8.5% Slide.

FAQ

Why did Bitcoin fall on November 6, 2026?
A tech-led rout on Wall Street — the Nasdaq fell 5.52% — triggered risk-off selling across crypto, and more than $1.26 billion in leveraged long positions were liquidated, accelerating the drop.

What is the key level for Bitcoin now?
$75,000–$76,000 is the support zone, with the prior low at $75,625. A daily close below it would be bearish; reclaiming $78,000 would signal a recovery attempt.

How does the US jobs report affect Bitcoin?
The jobs data shapes Federal Reserve rate expectations. Weak jobs data usually lowers hike expectations and supports risk assets like Bitcoin; strong data does the opposite.

Are Bitcoin ETFs still seeing inflows?
US spot Bitcoin ETFs saw $74.57 million in net inflows on November 4, ending three straight days of outflows — a small but positive sign amid the sell-off.

Bitcoin is holding the line for now. Whether it holds through the jobs report is the question that decides the weekend. Join the conversation on Zimbuck — the finance social platform for traders and investors: https://zimbuck.com

This article is market news and general information only, not financial advice.