Bitcoin struggling to hold $78K after four consecutive weekly losses driven by Binance hack and U.S. spot ETF outflows.
Macro & Markets ·
Bitcoin is trading near $78K after recording four consecutive weekly losses, with a Binance hack and outflows from U.S. spot Bitcoin ETFs cited as contributing factors. The asset is positioned within a critical demand zone, where holding above $75K could set up a potential rebound toward the $86Kâ$90K range, though breaking below that floor risks steeper declines, according to recent analysis.
On-chain metrics show a rising Velocity indicator, reflecting increased Bitcoin circulation in the market. This uptick in coin movement may weaken the supply constraints that fueled the September advance, creating headwinds for price momentum.
The extent to which the Binance hack and ETF redemptions will continue to pressure prices, and whether the $75K support holds to enable a recovery attempt, remain to be seen.