Bitcoin Rebounds After Binance Hack but $80,000 Caps Gains

| crypto.news
Bitcoin recovered to about $78,053 after falling near $76,100 amid a sell-off following the reported $6.4 billion Binance hack. Binance later said withdrawals were stabilising after customers pulled out a net $3.64 billion, and that it had replaced about 95% of the stolen assets. The rebound has yet to restore bullish momentum. Bitcoin remains below its 20-day and 50-day exponential moving averages near $80,200, while its daily RSI is around 39 and the daily MACD remains negative. A bullish crossover on the four-hour MACD suggests selling pressure may be easing, but a sustained move above $78,219 is needed to bring resistance at $79,485 and $80,508 into focus. Support lies near $77,761 and $76,460, with the recent low around $76,173. US spot Bitcoin ETFs recorded about $643 million in net outflows on October 30, their largest single-day withdrawal since June. Options markets also turned more cautious: the chance of Bitcoin topping $100,000 by Christmas fell to 3.5%, while the odds of finishing above $90,000 and $80,000 stood at 14% and 44%, respectively. Bitcoin has nonetheless closed seven consecutive weeks above its 50-week moving average near $75,728. Traders are watching the $80,000 resistance zone, ETF flows and whether support holds.
Bearish
The near-term balance of signals is bearish for Bitcoin. The reported hack triggered a sharp sell-off, US spot Bitcoin ETFs saw their largest single-day outflow since June, and options markets lowered the odds of a move above $100,000 by Christmas. Bitcoin is also below key short-term moving averages, with a weak daily RSI and negative daily MACD. These conditions may limit buying appetite and leave the price vulnerable if support around $77,761 and $76,460 gives way. There are mitigating signs: the four-hour MACD crossover points to easing selling pressure, Binance says withdrawals are stabilising and most of the stolen assets have been replaced, and Bitcoin remains above its 50-week moving average. These factors could support a recovery if price clears the $80,000 resistance area and ETF flows improve. Until then, the rebound looks fragile; in the longer term, holding the 50-week average would help preserve the broader market structure, while a sustained break below support could increase downside risk.