Analyst identified $76,000 as Bitcoin’s main support after BTC fell to $76,400 following the reported $6.3 billion Binance hack. Short-term holders sent 36,600 BTC to exchanges at a loss with
Bitcoin fell to $76,400 after the major Binance hack, which analyst Doctor Profit called a black swan event. He cited roughly $6.3 billion in stolen funds and heavy selling by short-term holders. Doctor Profit identified $76,000 as Bitcoin’s main support, while a recovery above $82,000 would restore the bullish structure.
He contrasted the roughly 5% decline with his expected 15%-20% drop; the Fear & Greed Index showed fear.
On-chain data showed short-term holders sent 36,600 BTC to exchanges below their purchase prices within 24 hours. Their seven-day deposits to Binance reached about 45,400 BTC. Realized losses totaled $1.115 billion over 24 hours.
Bitcoin’s daily RSI fell to 34.7, its lowest reading since June 30, when BTC reached $57,000. On October 29, Bitcoin also closed below its lower daily Bollinger Band. Meanwhile, the Coinbase Premium fell to 0.27%, its lowest level since November 2022 and the FTX collapse.
Doctor Profit said his average long entry was $80,400. Bitcoin later rose toward $85,000 before falling to around $78,000. The 80,000-81,000 support zone failed, and Bitcoin lost its daily EMA50 and MA50.
He identified $76,000 as the level that must hold. It marked the breakout into the bull-market structure and sits near major weekly support and the 50-week moving average. Recent buyers’ and short-term holders’ cost bases also cluster around this area, he said.
A confirmed break below $76,000 could expose Bitcoin to 67,000-69,000. Doctor Profit would require two or three daily closes below $76,000 to confirm the loss.
The analyst said reclaiming the next resistance level through daily closes would show buyers taking control. He also wants Bitcoin to recover 80,000-81,000 before clearing $82,000. He warned that a delayed recovery could give bears more influence.
Apple, Palantir, and AMD are due to report earnings Monday and Tuesday. U.S. midterm elections also take place Tuesday. Doctor Profit said his long positions, averaging $80,400, remain open, alongside spot holdings he began building at $60,000.
