Crypto Rundown: Bitcoin's Next Big Move — Binance Recovers, Coinbase Buys

Bitcoin was around $77,600, down about 7% for the quarter after closing October down 7.3% and below its 20-month moving average. It had also closed lower for four consecutive weeks, falling roughly 12–13% over a month. Hunter described the decline as controlled, but said momentum was weakening as the relative strength index approached oversold territory.

Bitcoin was below the range high near $82,800 and resistance around $79,000–$79,500. The speakers said bulls need to reclaim these levels, while bears may treat them as resistance. Hunter identified $73,500 as the key near-term level because several moving averages and other support measures converge there. A move below the range followed by a close back inside it could create a swing-long opportunity, though that setup depends on how price behaves.

The speakers said Bitcoin could test or sweep lows around $75,000–$76,141, but the timing and path were uncertain. Hunter also pointed to a deeper retracement toward $67,000 as a possible swing-long opportunity. If Bitcoin instead reclaims resistance and holds it as support, his upside targets were about $87,500, $93,000, and $100,000. The outlook therefore hinged on whether the market could recover resistance or continued toward lower support.

The host said Binance suffered a hack on October 29 that affected $6.34 billion in assets, including XRP, SOL, OP, BTC, and ETH. The host attributed it to North Korea, citing the FBI’s account of a months-long social-engineering campaign involving fake job interviews used to install malware. Binance said it rebuilt systems, revoked credentials, tightened controls, and worked with law-enforcement partners, including Tether and Circle, to freeze funds.

Binance said it had set aside more than 100% of required funds by October 31 and replenished 98% of affected token assets; the estimate had reached 98–99% by November 3. Withdrawals remained open, and Binance said users would not bear the loss. CZ said $3.6 billion represented about 2% of Binance’s holdings and that withdrawals after reopening were also 2%, below his expected 10–30%. Hunter said the market fell about 5% after the news but absorbed forced selling without a crypto equivalent of a bank run, which he viewed as evidence of resilience.

More than $2 billion in Bitcoin and Ethereum could potentially reach the market, the speakers said, although those assets cannot be frozen. The estimated amounts were 0.09% of Bitcoin’s market capitalization and 0.32% of Ethereum’s, leading them to doubt that the exposure would cause a major market move. The host said Binance was absorbing the loss and contrasted its response and balance sheet with FTX’s use of user funds, while stressing that the story was still developing.

Coinbase increased its Bitcoin holdings by 18,000 BTC, valued at about $1.4 billion, which the speakers described as a vote of confidence in crypto and a sign that the company was not leaving the sector. Coinbase shares were up 8% on the day after falling 15%. One speaker called current levels fair value and value areas for long-term investors.