Bitcoin Holds Above $77K After $1.56B Liquidations Following Binance Hack

Bitcoin traded above $77,000 on Friday after falling to $76,320 as traders assessed the fallout from a reported $6.3 billion hack of Binance. Rolling 24-hour liquidations across the crypto market reached $1.56 billion, according to CoinGlass, with long positions accounting for $1.31 billion of the total.

Binance described the incident as a “complex” attack involving more than a single security breach and said it was still gathering the facts. The exchange also said user losses would be covered through its dedicated SAFU fund and other company resources, helping ease downward pressure on the market as the scope of the incident became clearer.

The sell-off was compounded by weakness in US technology stocks. Alphabet shares fell 13% to $282 after the company missed earnings and revenue targets, while Intel dropped 26% in premarket trading despite reporting third-quarter results above expectations. Intel projected fourth-quarter sales of $15 billion to $16 billion, below analysts’ estimates of $17 billion to $18 billion.

On the technical side, Bitcoin’s four-hour relative strength index showed a bullish divergence as selling pressure waned below $77,000. BTC also closed below the lower Bollinger Band on Thursday, a signal last recorded on June 25, according to TradingView data cited by Cointelegraph. The indicators suggest easing downside momentum and the potential for a rebound, although a sustained recovery has not yet been confirmed.