Bitcoin price holds firm after Binance hack as analysts eye crucial $78.600 level

Bitcoin remains remarkably stable after the huge Binance hack, in which around $6.3 billion worth of crypto was stolen. Despite the turmoil, Bitcoin is trading around $78.193, up 0.88% over the past 24 hours. Analysts Michaël van de Poppe and Ted Pillows are now focusing primarily on the weekly close. According to Ted, a close above $78.600 could give buyers control again.

Binance also has positive news to report. The exchange is resuming withdrawals for several major cryptocurrencies, meaning the situation after the security incident is slowly normalising.

Bitcoin price needs to close above $78.600

Crypto analyst Ted Pillows shares a new Bitcoin chart showing the price moving around $77.940. The current price is now slightly higher, at around $78.193, according to the market data provided.

Ted is focusing on the $78.600 level. If Bitcoin closes the week above this threshold, he believes buyers will regain a firmer grip on the market.

The weekly chart shows that Bitcoin has recently had difficulty holding above $86.000. After that rejection, the price is falling back towards $78.000.

Nevertheless, the technical situation is not entirely negative. The price is moving above the average of the Bollinger Bands, which currently sits around $73.029. This level could serve as important support in the event of a further decline.

On the upper side, the upper Bollinger Band is around $90.919. A recovery towards this zone would represent a potential increase of around 16% from the current price.

Bitcoin’s trading volume is around $49.57 billion over 24 hours. Total market capitalisation is around $1.57 trillion, while Bitcoin is still 2.84% lower on the week.

Binance resumes Bitcoin and Ethereum withdrawals

Meanwhile, Binance is taking important steps to restore its services after the billion-dollar hack.

The exchange says withdrawals are possible again for several major networks.

These include Bitcoin, Ethereum, BNB, XRP and Dogecoin. Withdrawals of USDT and USDC are also supported again on certain networks.

Binance is also resuming withdrawals via Base and Optimism. Other cryptocurrencies and networks will follow in phases once the security checks have been completed.

This is an important development for the crypto market. The temporary block on withdrawals created uncertainty after the hack, but the gradual restoration of services could remove some of those concerns.

Analyst expects possible strong rise in altcoins

Michaël van de Poppe finds Bitcoin’s reaction to the Binance hack particularly striking.

According to him, a major price crash has not materialised despite the scale of the incident. He therefore sees the upcoming weekly close as an important moment.

Van de Poppe also sees interesting signals in various altcoins. On the weekly charts, several cryptocurrencies look strong in his view, so he does not rule out a substantial rise in the coming weeks.

For Bitcoin, $78.600 remains the most important level to watch for now. A convincing close above it could strengthen buyer confidence.

If the price falls further instead, the support zone around $73.000 comes back into view. The coming days should make clear whether Bitcoin can put the turmoil around Binance behind it for good.