Bitcoin Trading Analysis: Key Levels for Nov 3-5, 2026

Bitcoin Technical Outlook

Bitcoin is currently trading around $76,938 following a technical correction observed during the US trading session. Price action on the 4-hour chart indicates ongoing consolidation, suggesting the potential for an upcoming technical rebound.

Bullish Scenarios and Key Resistance

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If Bitcoin manages to consolidate above the 21-day simple moving average (SMA) at $77,500, it could present a viable buying opportunity. Potential upside targets include the upper boundary of the bearish channel near the psychological $80,000 level.

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Additionally, the 4-hour chart displays the formation of a double bottom pattern. Sustained consolidation above the 21 SMA would validate this pattern and reinforce a positive near-term outlook.

A decisive breakout above the current downtrend channel, accompanied by consolidation above the 200-period exponential moving average (EMA) and the Murray 6/8 level, would signal further bullish momentum. Under this scenario, expectations target a rise toward $85,000 and ultimately the Murray 8/8 level around $87,500.

Bearish Scenarios and Support Levels

Conversely, if prevailing downward pressure continues, Bitcoin could retrace toward the Murray 4/8 level near the $75,000 psychological threshold. Market participants will monitor this zone closely for signs of stability.

A successful technical bounce from the Murray 4/8 support level would similarly offer an opportunity to establish long positions. Primary upside targets for this rebound are aligned with the 200-day EMA at approximately $80,566.

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