Why is Bitcoin price down today?

Bitcoin has fallen more than 6% towards $75,000 on November 6 as a major sell-off in US technology stocks and heavy leveraged liquidations have put renewed pressure on the cryptocurrency market. Summary Bitcoin fell more than 6% towards $75,000 on November 6, erasing its brief recovery above $80,000 as heavy losses across US technology stocks spread into cryptocurrency markets. The Nasdaq Composite dropped 5.5% on Thursday, while over $1 billion in leveraged crypto positions were liquidated, with bullish traders accounting for most of the losses. US spot Bitcoin ETFs faced roughly $1 billion in withdrawals in the days following the Binance hack, with BlackRock’s IBIT accounting for approximately $900 million of the outflows. Analysts identified $75,000 as an immediate level to watch, with a sustained breakdown potentially exposing Bitcoin to further losses towards $73,000. According to crypto.news data, Bitcoin (BTC) traded at $75,388 at the time of writing, down 6.3% over the past 24 hours. The cryptocurrency had been trading above $80,000 earlier in the previous session before sellers pushed it below $78,000 and eventually towards its recent seven-week low. The decline wiped out ...