TradingKey - Bitcoin broke below the $75,000 mark, hitting a three-month low, as markets eye room for a further 10% decline.
On November 9, Bitcoin (BTC) plunged sharply intraday below the key institutional support floor of $75,000 after losing $76,000, touching a low of $74,023 and officially marking a new low since August this year. As of press time, Bitcoin was trading at $74,889.
In early October, Bitcoin surged near $87,000 for the second time but failed to break through that resistance level, subsequently weakening amid volatile trading. Following the Democrats' takeover of both the Senate and the House of Representatives, the market expects that progress on the previously crypto-friendly Clarity Act will be hindered. With House Democrats drafting alternative market structure legislation led by the SEC, institutional capital has engaged in policy-evasion sell-offs, intensifying Bitcoin's decline.
Following the confirmed Democratic sweep of Congress, market focus swiftly shifted to the upcoming U.S. October CPI and PPI data scheduled for release this week. Facing dual uncertainties from a political policy turning point and the Federal Reserve's unresolved monetary policy path, macro funds chose to ramp up hedging, further compounding BTC's loss of the round $75,000 mark.
Judging from technical chart patterns and positioning structure, Bitcoin is facing a defensive posture characterized by a breakdown in its swing pattern and a search for support at medium- to long-term moving averages. If broader market risk-off sentiment and regulatory growing pains continue to brew, causing BTC to completely lose $75,000, technical factors will trigger a secondary pullback of around 10% to 12%, pointing directly toward $65,000 to $67,000—a range that serves as a strong long-term institutional base prior to the explosive rally in the first quarter of 2026.
Bitcoin price chart, Source: TradingView
Looking ahead, key focus should be placed on the CPI and PPI data to be released this Tuesday and Friday, respectively. If the CPI/PPI data come in significantly higher than expected and drive continued risk-off sentiment, BTC could retest its lows. Conversely, if the data fall short of expectations and boost market risk appetite, BTC is expected to hold the $75,000 level and sustain its high-level consolidation structure.