Bitcoin Falls 6% After Brief Post-Midterm Rally; Sell-Off’s Trigger Remains Unclear
Bitcoin fell from above $80, 000 to $75, 620 on November 6, 2026, as crypto prices dropped alongside traditional markets, according to Coinidol. The report pointed to broader market weakness, but the available information does not establish a single cause.
- Bitcoin fell 6% in 24 hours; Coinidol’s headline rounded the price to $75, 600.
- Total crypto market capitalization reportedly fell 4.9% to $2.65 trillion.
- A 33, 135-contract Bitcoin options expiry coincided with the decline, but causation is unproven.
- Coinidol cited $73, 160 to $75, 000 as a price area analysts were watching.
Coinidol’s report, published November 6 and updated November 7, described a brief post-midterm rally before Bitcoin and other cryptocurrencies turned lower. It also reported declines in U.S. and international markets. Those moves provide context, but they do not prove that losses in traditional markets triggered Bitcoin’s decline. The report did not identify what drove the broader sell-off.
When investors reduce exposure to assets they see as risky or volatile, the move is often called a risk-off pullback. Crypto can fall alongside equities during these periods, but simultaneous declines do not show which market led or what prompted the shift.
Options expiry coincided with the drop
Coinidol reported that 33, 135 Bitcoin options contracts expired on Deribit on November 6, with a notional value of about $2.65 billion, according to figures also reported by KuCoin. Notional value is the underlying amount covered by the contracts. It is not the premium traders paid or a cash-settled payout. The matching reports do not, on their own, establish independent confirmation from Deribit.
KuCoin listed 24, 912 calls and 8, 223 puts in open interest. A call gives its holder the right, but not the obligation, to buy under specified terms. A put gives the right to sell. The counts alone do not show whether traders were broadly bullish or bearish. Options can be bought or written, and every contract has counterparties.
KuCoin identified large call positions at $82, 000 and $85, 000, along with put positions at $74, 000 and $75, 000. Concentrated positions can affect hedging activity, but the figures do not show that hedging amplified Bitcoin’s November 6 decline. Large call positions can also fuel speculation, as seen in a reported options-market milestone.
The same report put the expiry’s “max pain” level at $79, 000. The calculation estimates the price at which the greatest amount of option value would expire worthless. It is neither a forecast nor a price target. Options math does not come with a crystal ball. Past expiries have also drawn attention to similar calculations, including a Deribit expiry with a $70, 000 max-pain level.
Support levels are areas to watch, not guarantees
Coinidol said analysts were watching a Bitcoin price zone from $73, 160 to $75, 000. KuCoin separately listed $73, 163 and $75, 000 as levels to watch. These are technical reference points, not guaranteed floors. A support level is simply an area where traders expect buying interest might emerge.
Coinidol also said a daily close below $73, 000 could signal further technical deterioration. That was a conditional interpretation, not a confirmed breakdown. The supplied information does not verify Coinidol’s separate claim that the cited support zone coincided with Bitcoin’s 200-day moving average, so that comparison should be treated cautiously.
Altcoins and macro concerns
The pullback reached beyond Bitcoin. Coinidol reported that Ethereum fell 7.8% to $2, 228 and that Hyperliquid’s HYPE token dropped below $80 after large holders, often called “whales, ” took profits. The report also said XRP approached its lowest levels since August, but gave no exact price. These are Coinidol’s reported figures. The available data does not independently verify their precise timing or percentage changes.
Lewis Huang, an analyst at Bitget, flagged a possible macroeconomic pressure point: stronger U.S. payrolls, especially alongside faster wage growth, could reinforce expectations of a December rate hike and push Treasury yields and the dollar higher. Huang said markets already priced the chance of a hike at around 80%. The supplied information does not include a dated CME FedWatch Tool reading to verify that figure or show that rate expectations drove the crypto sell-off.
“A stronger-than-expected payrolls print, particularly if accompanied by faster wage growth, would reinforce expectations of a December rate hike, which markets already price at around 80%, and could push Treasury yields and the dollar higher as investors reassess the possibility of further tightening. For Bitcoin, that would put recent lows back in focus.”
Lewis Huang, Bitget analyst
Huang’s comments describe a possible scenario, not a confirmed explanation for the price move. Higher yields and a stronger dollar can pressure risk-sensitive assets, but that general relationship does not prove they caused this particular decline.
Key questions about Bitcoin’s pullback
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How much did Bitcoin fall?
Coinidol reported a 6% decline over 24 hours to $75, 620. The report’s headline rounded the price to $75, 600.
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Did the options expiry cause the sell-off?
That has not been established. The expiry took place on the same date, but timing alone does not prove it caused or intensified the decline.
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Which Bitcoin levels were traders watching?
Coinidol cited $73, 160 to $75, 000, while KuCoin listed $73, 163 and $75, 000. Neither level guarantees buyers will step in.
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What would a close below $73, 000 mean?
Coinidol described it as a possible sign of further technical weakness, not a confirmed outcome or a reliable prediction.
The practical takeaway is to treat the reported prices and technical levels as dated observations, not standalone signals. Without a confirmed trigger or consistent, time-stamped market data, confident explanations for the sell-off remain speculation.
