Bitcoin Holds Near $76,500 After Binance Hack as Risks Persist

| 99bitcoins.com
Bitcoin fell to $76,320–$76,500 after reports of a $6.3 billion Binance hack and a sell-off in US technology stocks, then rebounded to about $77,800. Binance said it was investigating the complex attack and would cover user losses with its SAFU fund and other company resources. Crypto liquidations reached $1.56 billion in 24 hours, including $1.31 billion in long positions, adding to Bitcoin’s selling pressure. The later rebound has not confirmed a market bottom. Bitcoin’s low was near its 200-day EMA at $76,470, while short-term charts showed bullish RSI divergence; its daily RSI fell to 34.7 and the price closed below the lower Bollinger Band. These signals may indicate easing selling pressure, but Bitcoin remains below key moving averages, including resistance near $80,600 and its 20-day simple moving average around $81,324. Derivatives data point to continued risk: OKX’s long-to-short account ratio rose before easing, futures open interest climbed 9% as prices fell, and funding rates remained positive, suggesting leveraged longs were building. Deribit puts outnumbered calls by 1.63 to one, while a Coinbase discount to Binance indicated weak US buying. Traders are watching US spot Bitcoin ETF flows, Binance withdrawals and whether long positions unwind. A daily close below $76,500 could expose the $74,968 range floor; reclaiming $80,600 would improve the recovery outlook. TRM Labs said the attacker still held 18,270 BTC. Past hacks offer mixed precedents: Bitcoin fell to a lower low after the 2025 Bybit theft, but rose 35% in the week after the 2019 Binance hack.
Bearish
The immediate price impact is bearish for Bitcoin. The reported Binance hack triggered a sharp decline, while $1.56 billion in liquidations—mostly long positions—shows how quickly leveraged traders can amplify selling. Bitcoin’s rebound from around $76,500 and oversold or bullish-divergence signals offer a possible short-term relief rally, but they do not establish a bottom. Rising open interest during the price fall, positive funding rates and the buildup of leveraged longs leave the market vulnerable to further long liquidations. A break below $76,500 could expose support near $74,968; resistance around $80,600–$81,324 remains a key recovery test. Over the longer term, the outcome depends on confidence in exchange security, the attacker’s remaining BTC and broader risk sentiment. Historical exchange hacks have produced mixed price reactions, so the event alone does not determine Bitcoin’s longer-term direction.