By kurahan.com 
The Bitcoin price has slid to its lowest level in 53 days, trading near $76,000 as a major exchange hack, heavy ETF outflows and rising interest-rate fears pile pressure on the world’s biggest cryptocurrency. After months of steady decline from its October 2025 peak, Bitcoin is now sitting on a technical level that traders say could decide the direction of the market for the rest of the year.
The Mercado Bitcoin Hack Reopens Old Custody Fears
The week’s most alarming story came from Brazil. Mercado Bitcoin, the country’s largest crypto exchange, halted withdrawals on November 2 after attackers drained its hot wallets and customer deposit addresses. A week later, on November 9, the platform partially reopened in view-only mode — customers can see their accounts again, but withdrawals and trading remain shut, with no date set for a full restart. Vice president Fabricio Tota announced the phased reopening in a video posted on X.
The breach has barely moved the Bitcoin price on its own, according to Crypto Daily’s market coverage, but it has revived an old fear that never really went away: when you leave coins on an exchange, you are trusting someone else’s security. It is a reminder that the largest crypto losses in history have almost always come from custodians, not from Bitcoin itself.
Bitcoin Price Stuck Under Its Key Averages
Technically, Bitcoin is in a weak spot. The coin is trading below its 50-day moving average near $79,000, which now acts as a ceiling on any rally, and it is resting almost exactly on its 200-day average — a long-term trend line that traders treat as a line in the sand. The daily RSI momentum gauge reads around 38, suggesting sellers still have the upper hand without the market being deeply oversold.
The numbers tell the story of the slide: Bitcoin is roughly 40% below its all-time high of $126,080, set in October 2025. The first real barrier overhead sits near $80,000, with resistance at $76,300 and then $77,700–$78,000. On the downside, analysts at Coinpaper warn that a breakdown below $75,000 could open the door to $72,000. Ethereum is feeling the same drag, trading around $2,230, well off its own highs.
ETF Outflows Tell the Real Story
If the hack explains the headlines, the ETF flows explain the price. US spot Bitcoin ETFs recorded roughly $1.28 billion in net outflows during the trading week of November 2–6, including $411.9 million on Friday alone, according to Coinpaper. BlackRock’s IBIT accounted for $403 million of Friday’s withdrawals, while Fidelity’s FBTC managed a small $42.8 million inflow.
That matters because ETFs have become Bitcoin’s main channel for institutional money. When the big funds are selling week after week, the market loses its steadiest buyers — and the slide feeds on itself. It is a sharp contrast with the bull-market story of 2025, when the same products were pulling in billions. For the longer view on how that institutional era began, see our State of Crypto in 2025 breakdown.
All Eyes on Tuesday’s CPI Report
The next big test arrives on Tuesday, November 10, when the US Bureau of Labor Statistics publishes October’s Consumer Price Index. The market is braced for a hawkish surprise: Friday’s jobs report showed 165,000 new jobs in October, far above expectations, and market-implied odds of a Federal Reserve rate hike in December have climbed toward 80%.
Higher-for-longer interest rates are a headwind for Bitcoin because they make safe, yield-paying assets more attractive and drain enthusiasm for riskier bets. A soft CPI reading could give Bitcoin room to retest the $82,000–$85,000 area; a hot one could push it toward that $72,000 danger zone. Either way, Tuesday is likely to be the most volatile day of the week.
One buyer, at least, is not blinking. Strategy executive chairman Michael Saylor hinted at a possible new Bitcoin purchase on Sunday, posting his company’s accumulation chart on X with the words “Connecting the dots.” Strategy bought 811 BTC between October 26 and November 1 for $65.5 million, taking its total holdings to 849,327 coins at an average cost of $75,451 — almost exactly where the Bitcoin price trades today.
What This Means for Crypto Holders
- If you hold on an exchange, review your setup now. The Mercado Bitcoin hack is the latest reminder that funds left on exchanges are only as safe as the exchange. Our Crypto Security & Wallets Guide 2025 explains the hot-wallet versus cold-wallet basics.
- Watch the $75,000 level. Holding above it keeps the current range intact; losing it could trigger a fast move toward $72,000.
- Don’t trade the CPI blind. Tuesday’s inflation report is the week’s main event — volatility in either direction is likely, and leveraged positions are the most exposed.
- Zoom out before panicking. A 40% drawdown from the peak is painful, but Bitcoin has recovered from deeper ones before. The question is whether the institutional buyers return — and the ETF flows will tell us first.
The Bottom Line
Bitcoin’s slide to a 53-day low is not one story but three arriving at once: an exchange hack that revived custody fears, ETF outflows that removed the market’s steadiest buyers, and a looming inflation report that could reset rate expectations. The Bitcoin price near $76,000 is now a genuine test — of the 200-day average, of buyer conviction, and of whether the institutional era that powered the last bull run still has legs. Tuesday’s CPI will give the first answer.