BTC on BloFin slid from 80,397 to 75,520 in four hourly candles this morning, wiping out Wednesday's breakout (1H chart, 2:44 PM ET Nov 5)

Four candles did it

From the 6 AM close of 80,397.1 down to the 75,520.0 low is -6.1%. Those four hours printed $276.6M, about 55% of BTC's $500.0M 24h perp volume on BloFin. The 10 AM bar is the second-tallest volume bar on the whole chart. The tallest ($148.8M) is Wednesday's 10 AM candle, the one that tagged the 72h high at 81,160.

What got erased

Wednesday's breakout started from a 9 AM open of 78,350.1 and reached 81,160 an hour later, on $217.4M across those two candles. After that BTC sat on a shelf between 79,909.5 and 80,922.5 for 20 straight hours. This morning went through the shelf and the breakout base in one go, and at 76,399.7 price is now below where this 72h window opened (77,064.2, Monday 3 PM ET).

The 75,520 low also took out Tuesday's 10 PM ET low of 75,688.7 by about 170 points before bouncing.

Since the low

• Every hourly low since 11 AM has stayed above 75,520: 75,634.4, then 75,800.0, 75,669.7 and 75,847.8. The 11 AM bounce topped at 76,986.5.
• Volume dropped off hour by hour: $75.0M, $21.6M, $16.1M, and $7.1M so far in the 2 PM candle, which was still open.
• 24h: -4.71% from an open of 80,116.9, range 75,520 to 80,922.5.
• It was broad. 24h on BloFin: ETH -6.38%, SOL -5.45%, XRP -4.70%, NEAR -7.89%, HYPE -6.38%.
• BTC-USDT funding is +0.0220% per 8h going into the 7:00 PM ET settlement. The 11:00 AM ET settlement, right after the flush, also paid 0.0220%, same as five of the last six 8h prints (the odd one was 0.0096% at 7:00 PM ET Wednesday). Longs kept paying through the drop.

How I read it

A drop this size on this much volume, with funding not moving at all, looks to me more like longs getting flushed than traders flipping short. What matters next is whether 75,520 holds as the low. Shrinking hourly volume and four higher lows say the selling has paused for now. An hourly close under 75,520 would put a fresh low on this chart. On a bounce, the 78,000 area is the first test: that's where the 9 AM candle bottomed and roughly where Wednesday's breakout began. This is one timeframe on one venue, so treat it as a 2:44 PM ET snapshot.

Did anyone here buy the 75.5K wick, or are you waiting to see if it holds?