Key Takeaways
- • Bitcoin briefly fell to $75,839 following the US mid-term elections before recovering into the $77,000–$80,000 support range, according to Pluang.
- • The rebound is being driven mainly by perpetual futures buying rather than spot demand, raising doubts about its durability.
- • Spot holders continue to sell and ETF outflows totaled $1.16 billion over three sessions, signaling weak institutional demand.
- • If Bitcoin falls below $75,839, analysts see limited support until the $70,000–$75,000 range.
- • Broader market breadth was positive on Nov 5, 2026, with 37 of the top 50 cryptocurrencies rising, including ETH up 4.25%.
Summary
Bitcoin dipped briefly to $75,839 after the US mid-term elections, then recovered to the $77,000–$80,000 support range, according to Pluang. The recovery, however, is being propelled primarily by buying in perpetual futures rather than by spot market demand, a dynamic that Pluang characterizes as a key source of uncertainty over its durability.
Spot buyers and holders have continued to sell, with losses widening across the group. Spot-based ETF outflows reached $1.16 billion over three sessions, a figure Pluang cites as evidence of weak institutional demand. Because the rebound relies heavily on derivatives rather than fresh investor interest, it may lack a stable foundation.
Pluang notes that a sustained move below $75,839 could leave the asset with little technical support until the $70,000–$75,000 zone. Investors monitoring the level should therefore treat the $77,000–$80,000 band as the critical near-term threshold.
Across the broader crypto market, Pluang reported that 37 of its 50 tracked major cryptocurrencies rose as of 19:22 WIB on Nov 5, 2026. ALGO gained 4.78% to Rp1.820 with 94% buy order activity, CAKE rose 4.61% to Rp36.015 despite 65% sell orders, and ETH increased 4.25% to Rp43.784.224 with 69% sell order activity. These figures are presented as market context rather than as a signal of Bitcoin's direction.
Spot buyers and holders have continued to sell, with losses widening across the group. Spot-based ETF outflows reached $1.16 billion over three sessions, a figure Pluang cites as evidence of weak institutional demand. Because the rebound relies heavily on derivatives rather than fresh investor interest, it may lack a stable foundation.
Pluang notes that a sustained move below $75,839 could leave the asset with little technical support until the $70,000–$75,000 zone. Investors monitoring the level should therefore treat the $77,000–$80,000 band as the critical near-term threshold.
Across the broader crypto market, Pluang reported that 37 of its 50 tracked major cryptocurrencies rose as of 19:22 WIB on Nov 5, 2026. ALGO gained 4.78% to Rp1.820 with 94% buy order activity, CAKE rose 4.61% to Rp36.015 despite 65% sell orders, and ETH increased 4.25% to Rp43.784.224 with 69% sell order activity. These figures are presented as market context rather than as a signal of Bitcoin's direction.
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