During Sunday's trading, the price of Bitcoin remained below $76,000. As the cryptocurrency market approached another weekly decline, a variety of major altcoins recorded double-digit drops over the past seven days.

The price of Bitcoin remained below $76,000 on Sunday, with a cumulative decline of nearly 3% over the past seven days.

NEAR, Bitcoin Cash, Hyperliquid, and Stellar all recorded double-digit declines during the week, with the selling of altcoins continuing to spread.

US spot Bitcoin ETF saw a net outflow of $1.28 billion during the trading week from November 2 to 6.

TRON and Zcash have seen increases this week, in contrast to the declines of many major altcoins.

Analysts Micha, van, de, and Poppe believe that $76,000 is the immediate threshold for Bitcoin to regain its upward momentum.

Market data on November 8th showed that the price of Bitcoin was trading around $75,882, with a decline of nearly 2.69% during the week. Although the volatility of cryptocurrencies was relatively limited over the weekend, they failed to regain the level of $76,000, having previously been pushed below that price during several periods of intense trading activity.

The selling pressure is more evident among cryptocurrencies with smaller market values. The weekly declines of NEAR, Bitcoin Cash, Hyperliquid, and Stellar all exceeded 10%.

Ethereum and BNB had relatively small declines, while TRON and Zcash remained among the few major assets that rose during the same period.

Bitcoin price struggles to return above $76,000

Bitcoin entered the weekend after another difficult week, with multiple attempts at rebounding failing to gain traction.

After the Binance security vulnerability incident on October 29th, Bitcoin came under pressure at the beginning of November. The incident involved approximately $6.3 billion in stolen digital assets. Subsequently, Bitcoin fell below $77,000, and traders reduced their exposure across the entire cryptocurrency market.

In the subsequent trading sessions, BTC once rebounded to around $78,000, but new selling pressure interrupted the rally. The mid-term elections in the United States caused further volatility, and on Wednesday, Bitcoin briefly surpassed $81,000 due to the overall upward trend in financial markets.

However, this rebound quickly reversed. By Friday, the price of Bitcoin fell below $75,000, only to rise back to around $76,000 later on, erasing most of the gains made earlier in the week.

Cryptography analyst Micha ël van de Poppe stated that Bitcoin showed almost no fluctuations over the weekend, and $76,000 remains an immediate level that requires attention.

"Technically speaking, Bitcoin has already passed its lows, which means that we are likely to see an upward breakout," wrote van de Poppe.

He believes that Bitcoin needs to rise above $76,000 to establish an upward momentum. His judgment suggests that if a breakout occurs at the beginning of next week, it could lead to a faster recovery. However, at the time of his comments, such a trend had not yet emerged.

Bitcoin ETF net outflows exacerbate weekly market pressure

Institutional capital flows remained negative this week, putting additional pressure on Bitcoin.

According to the data from Farside Investors, US spot Bitcoin exchange-traded funds experienced a net outflow of $1.28 billion from November 2 to November 6.

As reported by crypto.news on November 7th, these funds recorded a net outflow of $411.9 million on just Friday alone. Among them, BlackRock's IBIT accounted for $403 million, while Fidelity's FBTC attracted $42.8 million.

A similar selling pressure was also observed in Ethereum investment funds. Their weekly net outflow reached $365.2 million, resulting in a total net outflow of approximately $1.65 billion for both Bitcoin and Ethereum.

Due to the recent inability to establish a sustained rebound, Bitcoin's technical position remains under close attention.

A technical analysis on November 7th placed the 50-week moving average around $75,562, near the support level of $75,000. The same analysis also pointed out that there is a concentrated area of liquidations around $76,500 to $77,500, while there are even more positions accumulated below $75,000.

NEAR, BCH and HYPE lead the decline of weekly altcoins

The decline of altcoins is generally greater than that of Bitcoin, but there are significant differences in the degree of decline between different assets.

NEAR traded at $3.71, down 15.21% in the past seven days. Bitcoin Cash fell 12.8% to around $246.26; HYPE of Hyperliquid dropped 11.96% to $77.35.

Stellar's XLM fell by 10.62% to around $0.151, becoming one of the major cryptocurrencies with a weekly decline of more than two digits.

Other major tokens recorded smaller declines. XRP traded at $1.17, down 7.23% for the week; Solana fell 6.04% to $89.63.

Chainlink fell by 8.21% to $10.78; Cardano fell by 6.85% to $0.181; Dogecoin fell by 6.06% to approximately $0.0713.

Meanwhile, Ethereum is trading at around $2,239, showing a decrease of 1.35% over the past seven days. BNB is trading at $698, with a decline of 2.15%, which is a relatively smaller weekly drop.

TRON and Zcash recorded gains amidst a weak market

During the same period, only a few large cryptocurrencies recorded gains.

Monero fell slightly by 0.55% within the week, closing at around $600; Uniswap dropped by 2.95% to $7.03.

Among the assets with lower rankings, Ethena's ENA fell by 18.6% within the week, with a price of approximately $0.153. Ondo fell by about 12.9%, to $0.360, continuing the downward trend of the past month.

By market capitalization, Bitcoin remains the largest cryptocurrency, with a market value of nearly $1.526 trillion; Ethereum is in second place, with a market value of about $273.5 billion. The market continues to operate below what analysts refer to as $76,000, which is seen as the next immediate resistance level.

Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.