Bitcoin traded above $77,000 on Friday after a wave of liquidations swept through the crypto market, with total 24-hour liquidations rising past $1.5 billion. BTC had earlier fallen to $76,320 as traders reacted to details surrounding a reported $6.3 billion hack on Binance, then stabilized.
The pressure did not come from crypto alone. A sell-off in US technology stocks added to the move, with Intel Corporation (INTC) down 26% in premarket trading on Friday.
Short-term momentum readings showed some improvement below $77,000. On the four-hour chart, Bitcoin’s relative strength index, or RSI, printed a bullish divergence, a sign that downside momentum was fading near local lows.
Binance hack and tech-stock weakness hit risk assets at the same time
Data from TradingView showed BTC/USD dropping to as low as $76,320 as markets absorbed the fallout from the $6.3 billion Binance hack.
CoinGlass data showed rolling 24-hour liquidations across the crypto industry reached $1.56 billion. Long positions made up $1.31 billion of that total.
In its latest update on X, Binance called the attack "complex" and said the episode involved more than a single security breach.
The exchange wrote, "We are still gathering the facts, and will share more directly as we have them."
Downside momentum eased after Binance said all user losses would be covered through its dedicated SAFU fund and other company resources.
Macro pressure was building at the same time. US stocks fell on Thursday after technology earnings disappointed. Alphabet missed both earnings and revenue targets on Wednesday. After that release, GOOGL dropped 13% to $282, its lowest level since April.
Intel shares also fell sharply. The stock plunged 26% in premarket trading on Friday after the company issued weaker-than-expected guidance, even though third-quarter revenue and earnings beat estimates. Intel said it expects fourth-quarter sales of $15 billion to $16 billion, versus analyst projections of $17 billion to $18 billion.
Bullish divergence appears near local lows
On lower timeframes, Bitcoin price metrics returned to levels last seen when BTC/USD approached multiyear lows near $57,000 in late June.
On Thursday, Bitcoin closed below the lower Bollinger Band for the first time since June 25. That move means price was trading more than two standard deviations below its 20-day simple moving average. Bollinger Bands do not generate direct buy or sell signals, but a close below the lower band can suggest mean reversion may follow. The 20-day SMA currently stands at $81,324.
RSI, measured on a 100-point scale, fell to 34.7 on Friday. That was its lowest reading since June 30 and close to the oversold zone below 30.
On the four-hour chart, RSI diverged from price in a bullish pattern: BTC/USD made a lower low, while RSI formed a higher swing low. That setup can indicate weakening seller control and a possible local trend change.
