Bitcoin has just broken out to the upside of the range it had been trading in since the Binance hack. It reached a high of $79,559 on Binance on 4/11, a level not seen since the evening of 29/10.
A quick look back, with Binance BTC/USDT figures to back it up.
29/10: $BTC is worth around $80,860 at 18:00 UTC, then news of the hack sends it sliding to around $78,300 in two hours.
From 30/10 to 4/11: six days stuck between $76,326 and $78,878. Meanwhile, US spot bitcoin ETFs lose $1.16 billion over three sessions ($643 million, then $399 million, then $116 million on Tuesday, according to SoSoValue data cited by Cointelegraph).
Night of 4/11: the midterm results push the price down to $75,736 around 03:00 UTC, its lowest since mid-September.
14:30 UTC: a single 15-minute candle takes BTC from $78,321 to $79,457, with $63 million traded on Binance spot. The sell wall below $78,000 that Cointelegraph described this morning has given way.
The detail I find interesting: BTCUSDT perp open interest barely moves, from 99,008 BTC at 14:25 UTC to 99,056 BTC at 14:40 UTC, with funding at +0.01%. So the rally wasn't driven by an influx of new leverage, but rather by spot buying and shorts covering.
My take: as long as BTC stays above $78,878, the former ceiling becomes support, and the $80,800–$82,000 zone (the pre-hack level, a target mentioned by Markus Thielen of 10x Research) is back within reach. A drop below that level would turn this move into a mere wick, with a return to the range ahead of Friday's US jobs report.
ETF flows this Wednesday evening will be the real test. Do you think they turn positive after three days of outflows, or are institutions still waiting?
#Bitcoin #BTC
A quick look back, with Binance BTC/USDT figures to back it up.
29/10: $BTC is worth around $80,860 at 18:00 UTC, then news of the hack sends it sliding to around $78,300 in two hours.
From 30/10 to 4/11: six days stuck between $76,326 and $78,878. Meanwhile, US spot bitcoin ETFs lose $1.16 billion over three sessions ($643 million, then $399 million, then $116 million on Tuesday, according to SoSoValue data cited by Cointelegraph).
Night of 4/11: the midterm results push the price down to $75,736 around 03:00 UTC, its lowest since mid-September.
14:30 UTC: a single 15-minute candle takes BTC from $78,321 to $79,457, with $63 million traded on Binance spot. The sell wall below $78,000 that Cointelegraph described this morning has given way.
The detail I find interesting: BTCUSDT perp open interest barely moves, from 99,008 BTC at 14:25 UTC to 99,056 BTC at 14:40 UTC, with funding at +0.01%. So the rally wasn't driven by an influx of new leverage, but rather by spot buying and shorts covering.
My take: as long as BTC stays above $78,878, the former ceiling becomes support, and the $80,800–$82,000 zone (the pre-hack level, a target mentioned by Markus Thielen of 10x Research) is back within reach. A drop below that level would turn this move into a mere wick, with a return to the range ahead of Friday's US jobs report.
ETF flows this Wednesday evening will be the real test. Do you think they turn positive after three days of outflows, or are institutions still waiting?
#Bitcoin #BTC
