Bitcoin slips below $77K during an October 30 sell-off. The move follows Binance’s estimated $6.3 billion security breach. Therefore, traders are watching whether buyers can defend support and recover $80,000.
Binance market data placed Bitcoin at $76,944 shortly after midnight UTC. Later in the session, it recovered toward $78,000. Consequently, the breach has drawn attention to both the stolen money and potential withdrawal pressure.
In a subsequent update, Binance said it set aside more than $6.34 billion in company funds. That includes $5 billion held in affected token assets. Meanwhile, partners had frozen approximately $3 billion separately.
Bitcoin slips below $77K as buyers face a descending channel
Token Talk’s October 30 chart placed Bitcoin near $78,300. That is above a support zone between $76,200 and $76,800. The analyst described several weeks of lower highs inside a descending channel. Nevertheless, buyers repeatedly stepped in near its lower boundary.
A recovery scenario depends on Bitcoin reclaiming $80,000. It also requires breaking the channel’s upper trendline. According to the post, such a move could bring $84,000–$86,500 back into consideration.
Rekt Fencer offered a more bullish interpretation. He declared that Bitcoin’s bottom was in. His weekly chart marked the FTX collapse and the 2025 Bybit hack. It also marked the Binance incident. However, the post provided no separate confirmation that selling had ended.
Binance wallet takeover exposed withdrawal controls
Blockaid’s initial analysis traced at least $3.5 billion leaving Binance hot wallets. The funds left Ethereum, Arbitrum, Optimism, and Avalanche in under an hour.
Ido Ben-Natan is Blockaid’s co-founder and CEO said “The attacker effectively reprogrammed a major Binance Ethereum hot wallet,” he said. That let a single operator drain it, including new deposits. The attacker used that access again more than an hour later.
His team identified advance preparation involving Tornado Cash funding. They also found rehearsals on test wallets hours before the theft.
Initial investigations pointed to a compromised DevOps engineer’s laptop. However, Binance subsequently reported additional points of breach, according to AFP. Therefore, the laptop became an initial finding, not a complete explanation.
Nansen tracks stolen funds into Aave borrowing
Nansen’s traced 18,270 BTC worth approximately $1.48 billion. The funds moved from a Binance hot wallet through a central address into 19 wallets. They had not moved again when the analysis was prepared.
On Ethereum, the attacker deposited approximately $60 million in USDT into Aave. Then they borrowed $43.5 million worth of ETH, Nansen found.
Across exploiter-linked wallets, the firm identified 442,000 ETH. That included two addresses holding 197,500 ETH and 137,600 ETH. Another wallet transferred 14,000 ETH.
Its investigation followed $414 million in assets. These included WBETH, ENA, RLUSD, UNI, PEPE, and LINK. They moved through 11 wallets that swapped tokens on decentralized exchanges. Circle had frozen $823 million in USDC. Meanwhile, 233.46 million XRP, valued at approximately $297 million, remained in one wallet.
Nansen’s figures describe separate traced holdings at its reporting snapshot. They are not a new estimate of Binance’s total losses.
Withdrawal pressure could outlast the initial theft
Zhang said a systemic crisis was not Bitget Wallet’s base case. However, prolonged withdrawal restrictions or doubts over reserves could cause lenders and market makers to retreat. Stablecoin depegging and deteriorating market depth would be warning signs.
He highlighted asset mismatches in emergency reserves. For example, a fund holding $1 billion in Bitcoin against $1 billion owed in stablecoins would face a $100 million shortfall. That would happen after a 10% Bitcoin decline.
Andrew Lazutkin is CTO of self-custody provider Tangem. He said offline wallets reduce exposure to exchange breaches. However, users remain responsible for phishing and malware risks.
Key levels to watch
Support sits at $76,000–$77,000. Resistance sits at $80,000. A recovery above $80,000 could open $84,000–$86,500. Therefore, traders should watch those levels closely.