Why did Bitcoin just crash? The hack is only half the story.
Bitcoin dropped to about $76,100 on Friday, its lowest in six weeks, and it's now sitting around $77,100. That's roughly 7% below Wednesday's post-Fed high of $81,788.
The trigger was Binance's security incident. On Thursday evening, Binance said about $6.3 billion in assets were affected. It says customer funds are protected and it will cover losses from its own funds. Withdrawals are paused and were expected to resume within 48 hours after extra checks. About $3 billion has been frozen, including more than $1.5B in USDT by Tether and over $800M in USDC by Circle.
The reaction was fast: about $1.57 billion in futures liquidated, mostly longs, and the Fear & Greed Index fell from 43 to 36.
But the hack wasn't the only pressure.
Look at the rest of the board. The Nasdaq 100 fell 2.27%, the Dow dropped 1%, and gold lost 3.6%. That's a broad risk-off day, not just a crypto problem. On top of that, the Fed held rates on Wednesday with two members voting for a hike, and traders were heavily leveraged. One analyst called this "a leverage flush, not an exodus", since open interest fell only about 1.4% while price dropped 3%.
US spot ETFs still took in $17M on Thursday, their fourth straight day of inflows.
What's next? Experts disagree:
🔹 Standard Chartered says the negative action may still have "some way to go."
🔹 Another analyst says if BTC holds $75,000 through the weekend, a rebound into the $80Ks is possible after next week's US midterms.
🔹 Most of the busiest BTC options are puts, with the $74,000 put the most active.
My levels:
🟢 Support: $76,000, then $75,000
🔴 Resistance: $78,000, then $80,000
I'm not trying to catch the bottom. I want to see withdrawals resume and price hold above $78K first.
Is the bottom in, or is there more pain ahead? Tell me below 👇
$BTC $ETH
⚠️ Not financial advice. Always use a stop loss.
#BTC #Bitcoin #BinanceSquare #CryptoNews #cryptotrading
Bitcoin dropped to about $76,100 on Friday, its lowest in six weeks, and it's now sitting around $77,100. That's roughly 7% below Wednesday's post-Fed high of $81,788.
The trigger was Binance's security incident. On Thursday evening, Binance said about $6.3 billion in assets were affected. It says customer funds are protected and it will cover losses from its own funds. Withdrawals are paused and were expected to resume within 48 hours after extra checks. About $3 billion has been frozen, including more than $1.5B in USDT by Tether and over $800M in USDC by Circle.
The reaction was fast: about $1.57 billion in futures liquidated, mostly longs, and the Fear & Greed Index fell from 43 to 36.
But the hack wasn't the only pressure.
Look at the rest of the board. The Nasdaq 100 fell 2.27%, the Dow dropped 1%, and gold lost 3.6%. That's a broad risk-off day, not just a crypto problem. On top of that, the Fed held rates on Wednesday with two members voting for a hike, and traders were heavily leveraged. One analyst called this "a leverage flush, not an exodus", since open interest fell only about 1.4% while price dropped 3%.
US spot ETFs still took in $17M on Thursday, their fourth straight day of inflows.
What's next? Experts disagree:
🔹 Standard Chartered says the negative action may still have "some way to go."
🔹 Another analyst says if BTC holds $75,000 through the weekend, a rebound into the $80Ks is possible after next week's US midterms.
🔹 Most of the busiest BTC options are puts, with the $74,000 put the most active.
My levels:
🟢 Support: $76,000, then $75,000
🔴 Resistance: $78,000, then $80,000
I'm not trying to catch the bottom. I want to see withdrawals resume and price hold above $78K first.
Is the bottom in, or is there more pain ahead? Tell me below 👇
$BTC $ETH
⚠️ Not financial advice. Always use a stop loss.
#BTC #Bitcoin #BinanceSquare #CryptoNews #cryptotrading
