Bitcoin closed above its 50-week moving average for a seventh straight week after Binance disclosed roughly $6.3 billion in unauthorized hot-wallet withdrawals. Binance said it would cover the losses with its SAFU fund and corporate resources, and that about $3 billion in affected assets had been frozen onchain.
Glassnode said bitcoin could fall to the short-term holder cost basis near $75,800 and still retain a constructive technical setup; that is not a forecast that it will fall that far. The article suggests bitcoin’s resilience may mean much of its speculative excess has already been removed, but says the pattern does not guarantee an immediate rally.
