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Bitcoin (BTC) maintained the upper $77,000 range, showing a sideways trend. Forced liquidations sharply decreased, weakening selling pressure, and a clear technical rebound appeared as no significant new negative news emerged. The market expects that if the support zone of $77,000-$77,600 is defended, Bitcoin could retest $78,500.
According to CoinMarketCap, a cryptocurrency market data aggregator, as of November 1 (Korean time), Bitcoin was trading at $77,777.80, up 0.47% over the past 24 hours, remaining in a stable range. On Upbit, a domestic exchange, it traded at 104.24 million KRW (24-hour -0.22%). CoinMarketCap's AI analysis indicates that Bitcoin showed a slightly better trend than the overall stagnant market. Its correlation with the S&P 500 reached 87.00% over the past 7 days, suggesting it moved in tandem with macroeconomic factors.
A technical rebound supported the price. Bitcoin rebounded from the lower end of its recent trading range, specifically between the Fibonacci Retracement levels of $76,909 and $77,079. The Relative Strength Index (RSI) is at 49.2, a neutral level, indicating neither overbought nor oversold conditions. Notably, Bitcoin's liquidation volume plummeted by 97.55% over 24 hours to just $8.14 million, weakening forced selling pressure. This suggests a relief rally occurred after a volatile phase of leveraged liquidations, albeit without strong conviction.
The absence of clear new negative news also contributed to market stability. The previous day, the market was weighed down by the largest-ever Binance hack, valued at $6.3 billion and attributed to North Korea, along with massive outflows from US spot Bitcoin Exchange-Traded Funds (ETFs). Over the past 24 hours, there has been no new negative news following these events, allowing the market time to digest the shocks. This rise is explained not as a result of positive news but rather due to the disappearance of new selling pressure. Moving forward, news regarding the recovery of the Binance hacked funds or potential Bitcoin sales by companies like Next Technology are cited as variables.
In the short term, whether the $77,000 support holds is a key variable. Buy orders are concentrated around this price level, and the True Market Mean is formed near $77,600. If the support zone is maintained, there is a possibility of retesting the Fibonacci Retracement resistance level of $78,500. Conversely, if $76,900 breaks, there is a risk of a rapid decline to $76,000. To shift to an uptrend, Bitcoin needs to recover and stabilize above $77,600, and surpassing the 7-day Simple Moving Average (SMA) of $77,483 could strengthen upward momentum.
Over the next 24-48 hours, the defense of the $77,000 support level is expected to determine the short-term direction. CoinMarketCap AI currently assesses the market as being in a neutral phase with a slight bullish bias. The market is watching to see if US spot ETF funds, which recorded a net outflow of $643 million on October 30, will turn into inflows in Monday's trading. A resumption of ETF inflows would be a positive signal for continuing the upward trend.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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