Bitcoin (BTC) Faces $76,600 Support Test After 84.69% Liquidation Drop

Liquidations Cool by 84.69%

Whether the $76,600 floor survives the next wave of supply is the question this rebound still has to answer. Bitcoin (BTC) spent the session steadying after forced selling triggered by the Binance security incident ran its course, and the recovery so far reads as relief rather than conviction. Market data shows the Bitcoin (BTC) price up 0.31% over 24 hours at $77,434 shortly after 00:04 UTC, and our live monitoring puts it at $77,522 at the time of writing, still up 0.2% on the day. The clearest driver was mechanical. Liquidations across the Bitcoin market collapsed 84.69% over the same window to $82.97 million, evidence that the cascade of forced sales touched off by the hack had largely exhausted itself. With leveraged positions already flushed, sellers had less ammunition to press the tape lower, and the absence of fresh stop-outs let the price breathe. Defensive capital did the rest: money rotated out of altcoins and into Bitcoin, lifting Bitcoin's market share to 59.82% while the altcoin season index fell 9.43% in 24 hours. That rotation fits the argument Bitcoin Maximalism has always made, that in stress phases the original asset acts as the crypto market's relative safe haven, and the past day matched the script. The overall crypto market capitalization rose 0.72% over the period, slightly outpacing Bitcoin's own gain, a pace consistent with a broad, catalyst-free bounce rather than a move led by any single token. One overhang eased on its own: following the record hack, Binance restored 90% of the stolen Bitcoin, closing a channel of panic that had driven several steep sessions.

The $76,600 Question

Our own composite readings frame that test. The support and resistance score puts the first meaningful floor at $76,421, rated 86/100, while the heaviest overhead cluster sits at $78,312 with a 100/100 reading, so any push above $78,300 runs into the strongest wall on the board. Momentum is still on the bearish side of neutral: RSI reads 35.17 and the trend filter classifies the market as a downtrend, a picture our Bitcoin technical analysis page tracks in full. Positioning is calm by comparison. Perpetual funding stands at 0.0047%, close to neutral, and the long/short account ratio sits at 2.73, a heavy lean toward longs that can either cushion dips or feed the next squeeze. Sentiment matches the unease, with the Fear & Greed Index at 34, firmly in fear territory. The picture changes on a daily close: through $76,600 and the $76,421 shelf, or a reclaim of $78,312 that breaks the band above.

The diagnosis behind the day converges on one reading: a technical rebound inside a larger downtrend, produced by sellers running out rather than fresh HODL demand, and one that needs steadily rising volume to be believed. Two prices carry the burden. Defend $76,600 and the market likely keeps working through a box between that floor and $79,107, where the 20-day simple moving average caps any turn higher. Lose $76,600 and the 200-day SMA near $73,107 comes into view, about 6% below the current price. Flows lean the other way: spot ETF products recorded a net $643.2 million outflow on October 30, with BlackRock's IBIT at the front of the selling, so the institutional bid that powered earlier recoveries has not yet returned. The calendar adds risk of its own: the United States midterm elections on November 3 could unsettle regulatory sentiment, and a wobble there invites a fresh round of risk-off selling. Market commentary puts the deciding window at the next 24 to 48 hours, with the $76,600 defense as the single variable that sets direction. The print that settles the short-term argument is a daily close: above $79,107 and the recovery has more than mechanical support behind it; below $76,600 and the argument passes to the bears, with $73,107 back in play.