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Bitcoin Falls Below Key Support Levels
Bitcoin fell to around $75,300 on November 5 and continued its slide to $73,692 by November 8, erasing its post-election rally above $81,000. The decline was attributed to US stock markets selling off, and analysts warned of potential liquidation risks for large leveraged long positions. The main driver of the sell-off was investors' decision to 'sell everything connected to AI,' which was seen as a negative for AI and microchip companies.