Bitcoin claws toward USD 79,000 on November 2, extending its recovery for a third consecutive day after last week’s USD 6.3 billion Binance hack. Improving Asian equity markets supported sentiment, although investors remain cautious about interest rates and cryptocurrency liquidity.
Bitcoin Reclaims USD 78,000
Bitcoin gained approximately 1% to USD 78,600 during Monday’s Asian trading session. The cryptocurrency had briefly slipped toward USD 77,600 late Sunday before recovering above USD 78,500.
The USD 79,000 level now represents immediate resistance, followed by the psychological USD 80,000 threshold. Failure to sustain gains could bring renewed attention to the USD 78,000 area. These levels indicate potential trading zones rather than guaranteed outcomes.
The rebound follows sharp selling after Binance disclosed a record cryptocurrency theft, which heightened concerns about exchange security and investor confidence.
Altcoins Join the Recovery
The improvement extended beyond Bitcoin. Zcash led major cryptocurrencies with a roughly 3% advance to nearly USD 1,280. Ethereum and BNB gained approximately 2%, reaching above USD 2,300 and around USD 713, respectively.
XRP and TRX rose about 1%, while Solana remained relatively unchanged near USD 95. Broad participation suggests selling pressure has eased, but three positive sessions alone cannot establish a lasting bullish trend.
Stocks, Oil and Gold Influence Sentiment
US equity futures also strengthened. S&P 500 and Nasdaq 100 futures advanced around 0.4% after the Nasdaq 100 fell 3.5% on Friday and semiconductor stocks plunged 7%. Meanwhile, Brent crude declined 3.45% toward USD 109.5 per barrel, while gold recovered nearly 1% to USD 3,910 an ounce. These moves provided a more supportive backdrop for risk assets.
What Could Determine Bitcoin’s Next Move?
BTSE chief operating officer Jeff Mei warned, “Macro pressures will continue to keep interest rates high,” potentially restricting cryptocurrency liquidity. Investors are watching Tuesday’s US midterm elections, technology-stock performance and regulatory developments surrounding the CLARITY Act.
A sustained break above USD 79,000 could strengthen Bitcoin’s recovery, while renewed equity weakness or tighter financial conditions could limit further gains. The coming sessions will test whether buyers remain confident.
Also Read: Binance Suffers Record USD 6.3 Billion Crypto Hack, North Korea Suspected
Disclaimer : Crypto News India does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
