A physical Bitcoin in a cool blue market setting with restrained red election-night light

Bitcoin Rebounds From a Seven-Week Low—but the $78,000 Ceiling Still Matters

By Isaac • November 4, 2026 7:58 am • Comments

Bitcoin just delivered the kind of move that punishes anyone who confuses a fast rebound with a clean breakout.

The world’s largest cryptocurrency fell to a seven-week low of $75,618 as U.S. election results came in, then snapped back above $78,000 within roughly three hours. That recovery was real.

So was the resistance waiting on the other side.

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According to Cointelegraph, Bitcoin’s low was its weakest print since September 16, and the drop hit the market as leveraged long positions were being liquidated below $76,000. The move arrived as Democrats won control of both chambers of Congress, while a heavy wall of sell orders waited above the rebound near $78,000.

S&P 500 and Nasdaq 100 futures were each down about 0.3% at the time of the report. Traditional risk markets were moving lower alongside Bitcoin.

Traders had already priced a sizable election-night move. Kelly Ye, head of research at institutional trading platform Talos, told Cointelegraph that Bitcoin moved about 1.7% after the polls closed.

Options had priced a move of roughly 1.8%, while the actual post-poll move was about 1.7%, a close match that suggests traders had already paid for much of the expected volatility.

The report also placed the rebound in a tight technical range. Bitcoin reached $78,039 after the low, yet visible sell orders prevented the recovery from becoming a clean break above $78,000.

At the bottom of the move, the price was testing its 50-week simple moving average near $75,733. That made the election-night swing a direct test of a support level that had held since mid-September, alongside the political reaction.

In other words, this looked less like a total surprise and more like a heavily watched event hitting an already nervous market.

The flush still hurt leveraged traders. CoinGlass data cited in the report showed approximately $288 million in crypto long liquidations over 24 hours.

Those forced exits helped push Bitcoin below $76,000 before buyers stepped in.

Keith Alan of Material Indicators had already identified Bitcoin’s 50-week moving average as the next major support test after the cryptocurrency lost a broader trend line:

That level was not theoretical for long. The 50-week average sat near $75,733, almost exactly where the decline found its footing.

Buyers defended it on the first test, which is the constructive part of the story.

The less comfortable part is overhead. Bitcoin recovered to $78,039, but a wall of sell orders kept the move from turning into a decisive break above $78,000.

A bounce into resistance is not the same thing as reclaiming resistance.

Rekt Capital highlighted the same problem from a wider chart view, warning that a series of lower highs could send Bitcoin back toward the $75,500 area:

The immediate map is unusually clear. Bitcoin defended a major long-term average near $75,700, but it has not yet escaped the selling pressure around $78,000.

Holding the first level would keep the rebound alive. Breaking and holding the second would make it far more convincing.

Until then, this is a market showing resilience—not one that has eliminated its risk.

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