Bitcoin is facing renewed selling pressure, but a crucial price level continues to hold.

According to digital asset trading firm QCP, Bitcoin dropped to $76,141 on Friday, October 30, after breaking below the psychologically significant $80,000 mark and slipping into the lower $76,000 range. Despite the decline, the support zone between $76,000 and $76,600 held for the fourth consecutive test, and the repeated defense of the range suggests that buyers have continued to show interest whenever Bitcoin approaches these prices.

However, holding support does not automatically mean that the market has established a lasting bottom. The latest decline comes amid uncertainty surrounding Binance following its reported security exploit, which has kept the exchange in focus. Investors are also monitoring institutional demand as US spot Bitcoin ETFs experience significant withdrawals. Together, these developments have created a challenging environment for Bitcoin's short-term recovery.

Binance Records $3.64 Billion in Net Outflows

Binance has reportedly reopened cryptocurrency withdrawals across 15 blockchain networks following the exploit, restoring a key channel for users to move funds. According to QCP, the exchange experienced approximately $3.64 billion in net outflows, representing around 2.1% of its assets.

The withdrawals highlight how investors are responding to security concerns surrounding the exchange. However, exchange outflows do not necessarily represent permanent customer losses, as some users may simply be transferring assets to personal wallets or to other trading platforms. Net flow figures like these are among the first data points markets track after an exchange security incident, because they provide a visible gauge of user behavior once withdrawals resume.

Meanwhile, US spot Bitcoin ETFs recorded $643.2 million in net outflows on Friday, during the same session in which Bitcoin tested its support zone. The substantial withdrawals suggest weaker demand within regulated Bitcoin investment products. Spot ETF flows have become a widely followed barometer of US institutional positioning in Bitcoin, and because the figures are published daily, they offer one of the most transparent and frequently updated reads on that positioning. ETF selling pressure can influence market sentiment, particularly when combined with broader uncertainty.

Nevertheless, fund flows represent only one part of Bitcoin's trading activity. Spot market demand and liquidity conditions remain important factors in determining price direction.

QCP: Bitcoin Holds $76K Support as Binance Sees $3.64B Net Outflows QCP said Bitcoin fell to $76,141 last Friday after breaking below $80,000, but the $76,000–$76,600 range held for a fourth time. Binance has reopened withdrawals across 15 networks following the exploit, with… pic.twitter.com/Sw85wUK0vO

— Wu Blockchain (@WuBlockchain) November 2, 2026

Can the $76K Support Trigger a Recovery?

QCP identifies the $76,000–$76,600 range as the key near-term level for the market. If buyers continue defending this zone, Bitcoin could attempt another recovery toward higher resistance levels.

According to QCP, the immediate resistance area sits between $79,500 and $80,500. A sustained move above that range could suggest improving short-term momentum, although Bitcoin would likely need stronger buying demand to maintain such a recovery. Continued ETF withdrawals or renewed market uncertainty could limit upside movement.

Conversely, a decisive break below $76,000 could weaken the current support structure and increase the risk of further declines. The repeated defense of a price level is encouraging, but technical support is never guaranteed to hold indefinitely.

For now, Bitcoin remains caught between strong support near $76,000 and resistance around $80,000. Investors will be watching whether buying demand strengthens enough to overcome the recent pressure from ETF withdrawals and exchange-related uncertainty. The area between those two levels has effectively defined the market's near-term trading range. In the sessions ahead, the daily ETF flow reports and Binance's net flow figures will provide concrete data points on whether those pressures are easing or building.

Source: CoinoMedia