Bitcoin price rebounds after Binance hack, but can it reclaim $80K?
Nov 02, 2026
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.
According to crypto.news data from Nov. 2, Bitcoin (BTC) was trading near $78,053, having recovered from a recent low of around $76,173. The flagship cryptocurrency has managed to regain some ground after falling from above $80,000 following the Oct. 29 security breach, but its latest recovery has yet to clear several important resistance levels.
Bitcoin price struggles to recover after Binance hack
The latest recovery follows one of the cryptocurrency market’s biggest security incidents, after hackers stole approximately $6.3 billion in digital assets from Binance on Oct. 29.
As previously reported by crypto. news, Bitcoin fell below $77,000 during the subsequent sell-off, while traders monitored the $76,200 to $76,800 region for signs of support.
What do Bitcoin’s daily technical indicators suggest?
On the daily chart, Bitcoin continues to trade below its 20-day and 50-day exponential moving averages, which stood at $80,155 and $80,212, respectively, at the time of writing.
Both indicators are positioned close together, making the $80,000 to $80,200 region an important resistance area that buyers would need to reclaim before a stronger recovery could develop.
However, Bitcoin remains above its 100-day EMA at $77,761 and its 200-day EMA at $76,460, leaving two important support levels beneath the current price.
A sustained decline below these averages would weaken the longer-term technical structure and could bring the recent lows back into focus.
Can Bitcoin price reach $80,000 again?
Bitcoin’s four-hour chart offers a somewhat more encouraging picture, with the moving average convergence divergence indicator showing early signs of improving buying momentum. See below.
The MACD line stood at negative 356, above its signal line at negative 553, while the histogram had turned positive at 197. The bullish crossover suggests selling momentum has weakened and buyers are attempting to regain control.
However, both MACD lines remain below the zero level, meaning the recent improvement has not yet confirmed a sustained bullish reversal.
The Fibonacci retracement drawn between the recent $84,843 swing high and $76,173 low places immediate resistance at $78,219, corresponding to the 23.6% retracement level.
A sustained move above this level could allow Bitcoin to approach $79,485, followed by the 50% retracement at $80,508. A stronger recovery beyond those levels would bring $81,531 and potentially $82,987 into focus.
On the downside, failure to reclaim $78,219 could leave Bitcoin vulnerable to another decline towards its 100-day EMA at $77,761, followed by the 200-day EMA at $76,460.
A break below the recent $76,173 low would weaken the recovery further, with the 50-week moving average near $75,728 becoming the next important level to monitor.
Beyond the technical picture, investors are preparing for the Nov. 3 US midterm elections, while the Federal Reserve’s decision to maintain interest rates at 3.75% to 4% has kept monetary policy in focus.
Coinbase Institutional has warned that persistent inflation and cautious Federal Reserve policy could continue to weigh on Bitcoin, particularly if the cryptocurrency fails to reclaim the $80,000 resistance region.
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