Bitcoin price metrics hint at rebound as $1.6B liquidations follow Binance hack

Bitcoin (BTC) traded above $77,000 on Friday as crypto market liquidations passed $1.5 billion over 24 hours.

Key points:

• Bitcoin stemmed losses after dropping to $76,320 as markets processed details of a $6.3 billion hack on Binance.
• The effects of the hack on crypto markets were compounded by tech-stock losses that came with Q4 earnings projections. Intel Corporation (INTC) was down 26% premarket on Friday.
• Bitcoin’s relative strength index prints a bullish divergence on four-hour timeframes as sell-side pressure waned below $77,000.

US tech-stock sell-off adds to crypto jitters after Binance hack

Data from TradingView showed BTC/USD dropping as low as $76,320 amid the fallout from a $6.3 billion hack of the largest cryptocurrency exchange Binance. 

BTC/USD one-day chart. Source: Cointelegraph/TradingView

Rolling 24-hour liquidations of traders across the industry reached $1.56 billion. Long positions accounted for the majority of this figure at $1.31 billion, per CoinGlass data.

BTC/USD vs. crypto liquidations (screenshot). Source: CoinGlass

In its latest update on X, Binance described the attack as “complex,” reporting more than a single security breach during the episode.

“We are still gathering the facts, and will share more directly as we have them,” it wrote.