QCP Analysts Identify Key Bitcoin Levels After Binance Hack

The first cryptocurrency maintained support in the $76,000–76,600 range after the $6.3 billion Binance hack. However, weak institutional demand and the escalation of the Middle East conflict continue to pose risks of further decline, noted QCP analysts.

On October 30, the price of Bitcoin fell to $76,141, the lowest since mid-September. At the time of writing, the asset is trading at $77,976. Although Binance has begun gradually restoring withdrawals and reserved over $6.34 billion to cover losses, the stolen 18,270 BTC creates additional pressure on the market. According to analysts, the perpetrators are breaking them into parts of 100 BTC and 1,000 BTC, so possible transfers to exchanges remain a risk factor.

There is also no sustained demand through exchange-traded funds (ETF). According to SoSoValue, on October 30, U.S. spot Bitcoin funds lost $643 million. Over the previous four sessions, products attracted a total of $440 million, but after Friday's outflow, the week ended with a deficit of $202 million.

In the options market, there is still demand for downside protection. QCP views the sale of call spreads with strike prices of $82,000 and $85,000 and an expiration date of November 6 as a bet on limited growth.

The current resistance zone for Bitcoin is located in the $79,500–80,500 range. If support is broken, the next targets will be $75,700, where the 50-week moving average passes, and $73,100, the 200-day level.

As important upcoming events, analysts highlighted the U.S. Congressional elections, the publication of Binance's reserve confirmation, and the Bank of England's key rate decision. On Friday, November 6, the U.S. employment report for October will also be released.

“Strategists believe that markets are pricing in an escalation after the U.S. vote on Tuesday, and the price of Brent crude could approach $120,” QCP emphasized.

Earlier, trader Vladimir Cohen summarized October in an author column, which brought six major shocks to the markets – from a surge in U.S. government bond yields and a sell-off of AI giants to a record-breaking hack.