Bitcoin price rebounds after Binance hack, but can it reclaim $80K?

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Bitcoin price has recovered to around $78,000 following last week’s sell-off triggered by the record $6.3 billion Binance hack, although technical indicators suggest the cryptocurrency is still struggling to regain bullish momentum. Summary Bitcoin recovered to around $78,000 after falling to a recent low near $76,173 following the October 29 Binance hack, but it remains below its earlier trading range. Bitcoin continues to trade below its 20 day and 50 day exponential moving averages near $80,200, while the daily RSI at 38.97 suggests sellers still have the upper hand. The four hour MACD has registered a bullish crossover with a positive histogram, suggesting buying momentum is improving even though both MACD lines remain below zero. A sustained move above $78,219 could open the way towards $79,485 and $80,508, while failure to hold current levels could bring support at $77,761 and $76,460 into focus. US spot Bitcoin ETFs recorded approximately $643 million in net outflows on October 30, while Bitcoin maintained its seventh consecutive w...