Bitcoin is trading near $79,700 on November 5, 2026, after a sharp rebound from the $75,000 region stalled at the psychologically important $80,000 level. The rejection leaves BTC in a short-term corrective structure, caught between key demand below and overhead supply that buyers have repeatedly failed to clear.
The daily chart shows BTC is still inside the ascending channel that has defined its recovery from June lows near $58,000. After two rejections from the channel’s upper boundary around $87,000 in September and early October, Bitcoin began printing lower highs and slipped below the channel’s midpoint late last month. That breakdown drove price into the $75,000–$78,000 demand zone, an order block that preceded the September rally toward $87,000. Buyers defended the area with a long lower wick and a strong rebound, but the move stalled at the channel midline, now acting as resistance around $80,000. Reclaiming it could open a path to the $87,000 supply zone, while a decisive daily close below $75,000 would invalidate the order block and leave the channel’s lower boundary near $73,000 as the next support. A breakdown below that trendline would mark a failure of the broader recovery structure and raise the risk of a deeper move toward the low $60,000 region.
On the 4-hour chart, BTC has been trading in a descending channel since the late-September highs near $87,000, with consistent lower highs and lower lows. Wednesday’s aggressive rally from the $76,000 demand zone was rejected at the confluence of the upper trendline and the $80,000 supply zone, which represents the bearish order block where the late-October breakdown began. A sustained break above this confluence would be the first breakout from the channel and could open the way toward $85,000 and then $87,000. Until then, rebounds remain vulnerable to overhead supply. A renewed drop below $76,000 would leave the descending lower boundary near $75,000 as the final short-term support before the daily channel floor around $73,000.
On-chain data adds a cautionary signal. The Adjusted Spent Output Profit Ratio (aSOPR) from CryptoQuant measures whether coins moved on-chain are being spent at a profit or a loss. The metric remained above 1 throughout the 2024–2025 uptrend, dropped below 1 in early 2026 and bottomed near 0.98 as BTC fell toward $60,000, then reclaimed the threshold in August. It peaked around 1.013 in October but has since declined sharply toward approximately 1.003. In healthy uptrends, the 1 level tends to act as support because holders are reluctant to sell at a loss. A rebound from here would suggest demand is absorbing supply around the $78,000 zone, while a sustained drop below 1 alongside a daily close below $75,000 would considerably strengthen the bearish case.
Wednesday’s move was notable: Bitcoin printed a 7.25% gain from the bottom to the $81,000 horizontal resistance, a monetary increase of about $5,500, as U.S. midterm election results favored Democrats. However, the price was rejected at $81,000, failing to make a higher high. Analysts now see either consolidation or a corrective down-leg as the most likely short-term scenarios. A bull flag could form if price chops sideways and downward while the Stochastic RSI indicator lines cool off. The broader structure remains a battle between lower highs since the $87,000 local high and higher lows from the bear-market bottom. On the weekly chart, Bitcoin is basing at the $75,000 horizontal support, with closing candle bodies higher at $77,000. The top of the previous bull market’s eight-month-long bull flag is providing significant support, and the 50-week SMA is being tested for the first time in this cycle. If that test holds, it may continue to support the new bull market taking shape.
