Bitcoin Slips Below $77,000 as Crypto Liquidations Cross $366 Million

Bitcoin was trading at Rs. 72.6 lakh on Tuesday as cryptocurrency markets faced renewed selling pressure amid cautious investor sentiment and heightened derivatives activity. Ethereum (ETH) was priced at Rs. 2.13 lakh, while major altcoins moved mixed. Market participants said uncertainty surrounding the upcoming US midterm elections, employment data, and the Federal Reserve's interest-rate outlook continued to weigh on risk appetite. According to CoinGecko data, Bitcoin traded at $76,700 (roughly Rs. 72.6 lakh), while Ethereum was priced at $2,255 (roughly Rs. 2.13 lakh).

The world's largest cryptocurrency fell 1.7 percent in the last 24 hours, according to the Gadgets 360 price tracker. Analysts said the $643.3 million (roughly Rs. 6,100.41 crore) in ETF outflows marked the largest single-day withdrawal since June. They also highlighted rising derivatives activity, with perpetual open interest climbing 26.65 percent to $362.52 billion (roughly Rs. 3,43,77,771.60 crore) despite falling prices. Demand for downside protection rose, while uncertainty over the Binance security incident continued to weigh on sentiment. 

Major Altcoins Record Mixed Movements on Tuesday

Binance Coin (BNB) was priced at $693 (roughly Rs. 65,600), while Solana (SOL) traded at $91 (roughly Rs. 8,600). XRP was priced at $1.25 (roughly Rs. 118), while Dogecoin (DOGE) traded at $0.073 (roughly Rs. 6.6). 

Long Positions Account for 83.8 Percent of Crypto Liquidations

Discussing Bitcoin's near-term outlook and institutional demand, the CoinSwitch Markets Desk said, “Bitcoin continues to face selling pressure, trading in the $77,000-$78,000 range (roughly Rs. 73 lakh-Rs. 73.9 lakh) amid cautious investor sentiment and renewed institutional outflows [...] Uncertainty surrounding the upcoming US midterm elections and employment data is also weighing on risk appetite. In the near term, $77,000-$77,500 (roughly Rs. 73.02 lakh-Rs. 73.49 lakh) remains a critical support zone.”

Highlighting the broader cryptocurrency market decline, derivatives activity and liquidations, Nischal Shetty, Founder of WazirX, said, “Bitcoin traded near $76,845 (roughly Rs. 72.87 lakh), down 1.90 percent over 24 hours, while Ether fell 1.70 percent to approximately $2,250 (roughly Rs. 2.13 lakh) [...] CoinGlass recorded $365.90 million (roughly Rs. 3,469.83 crore) in liquidations across 93,206 traders. Long positions accounted for $306.71 million (roughly Rs. 2,908.5 crore), or 83.8 percent, showing that traders anticipating gains absorbed most forced closures.”

Commenting on Bitcoin's support and resistance levels, altcoin performance and investor strategy, Vikram Subburaj, CEO of Giottus.com, said, “The sharp reversal in US spot Bitcoin ETF flows, including $643.2 million (roughly Rs. 6,099.4 crore) in net outflows on October 30, has added pressure. Demand for downside protection is also rising, while uncertainty over the Binance security incident continues to weigh on sentiment [...] Avoid aggressive dip-buying. Use staggered entries, keep position sizes modest and wait for Bitcoin to stabilise and ETF flows to improve before increasing exposure.”

Overall, analysts said cryptocurrency markets remain under pressure as institutional selling, uncertainty surrounding US economic developments and heightened derivatives activity weigh on investor sentiment. Perpetual trading volume also climbed sharply, indicating increased market activity despite falling prices. Investors are monitoring the US midterm elections, upcoming employment data, and expectations of a possible December rate hike. Bitcoin's ability to hold the $77,000-$77,500 support zone (roughly Rs. 73 lakh-Rs. 73.5 lakh) and move above $79,000-$80,000 (roughly Rs. 74.9 lakh-Rs. 75.8 lakh) could determine its near-term direction.