Bitcoin three-day rebound nears $79,000 as hack fears fade
Bitcoin climbed for a third straight session into Monday, trading around $78,000 to $78,600 in Asia as Binance reopened withdrawals without a major disruption and sentiment gauges recovered from Friday's lows.
The market has stopped bracing for a second shoe to drop, at least for now. A bitcoin three-day rebound carried the largest cryptocurrency back toward $79,000 early on Monday, after Binance's reopening passed without the chaos some traders feared and Friday's six-week low faded into the rear-view mirror.
What happened
Bitcoin closed the UTC day on November 1 at $78,230.55 on Coinbase, up 1.04%, after trading between $77,370 and $78,298.82, according to Bullquill. KuCoin's daily report put it at $78,350 at midnight UTC, with ether near $2,275, and said the Fear & Greed Index improved to 37 from 30.
Reuters, via CNBC, had bitcoin up 0.22% at $77,975.62 early in the Asian session on Monday, noting it had fallen to a six-week low on Friday, while ether gained 0.27% to $2,268.42 after sliding to a two-month trough last week. CoinDesk put the price at roughly $78,600 in Asian morning hours, its third straight daily gain, after a dip to about $77,600 late on Sunday was bought within hours.
Activity picked up modestly. Bullquill counted 3,035.64 BTC traded on Coinbase's BTC-USD book on Sunday, about a quarter more than Saturday, but far below the 13,656.05 BTC that changed hands on October 30, when hack news hit hardest.
Why it matters
The rebound is small next to October's damage, which our bitcoin worst October report put at the weakest month since 2014. What changed is that the feared run on Binance looked contained: net withdrawals came to roughly 2% of its assets, and the exchange said flows were stabilising.
Institutional money has not returned yet. KuCoin noted that U.S. spot bitcoin ETFs lost $643 million on October 30, the outflow our IBIT FBTC outflows article broke down, and weekend sessions bring no new fund data. Analysts at KuCoin flagged support near $76,000 and resistance at $80,000.
Macro risk is heavy this week. Jeff Mei, chief operating officer at BTSE, told CoinDesk that high interest rates are likely to weigh on crypto liquidity over the next few months. The midterm elections, the October jobs report on Friday and big tech earnings all land within days, and Fed rate hike bets remain on the table. Standard Chartered's Eric Robertsen told Reuters polls show anti-incumbent sentiment that does not always translate into results.
Trading volume tells a quieter story: Bullquill's Coinbase figures show the bitcoin three-day rebound came on far lighter activity than the October 30 sell-off.
What's next
Watch whether ETF flows turn positive when U.S. trading resumes and whether the $80,000 area caps the move. Reuters' currency and crypto wrap on CNBC frames the week ahead.
A bitcoin three-day rebound is not a trend, and a weak tech tape could quickly push prices back toward last week's lows.
The call
We say bitcoin trades at $80,000 at some point in November. Polymarket's "Will Bitcoin reach $80,000 in November?" market priced Yes at 84% at 08:22 MSK on Nov. 2, with solid liquidity; it resolves on any Binance BTC/USDT one-minute candle high at or above $80,000 before the month ends. Spot sat roughly 2% below that level at build time, so a single good session would be enough, though a renewed hack scare or a hawkish jobs surprise could keep it capped.
This article is for information only and is not investment advice. Calls are editorial forecasts, logged with market odds at the time of publication and kept on the record.