BTC/USD Extends Decline Below 80K Amid Binance Case Fallout and Risk-Off Sentiment

BTC/USD remains under heavy pressure for a second consecutive session, extending its decline below the key psychological 80,000 level and falling to its lowest point in six weeks on Friday.

The latest wave of weakness has been fueled by a combination of factors. Market sentiment was shaken by reports of multi-billion-dollar losses linked to the Binance security breach, while broader risk aversion intensified amid weakness in technology stocks and the Federal Reserve’s continued hawkish stance.

Bitcoin is now on track for a fourth straight weekly decline and appears set to close October in negative territory, ending a three-month streak of gains.

Technical conditions have deteriorated across multiple timeframes. On the monthly chart, an early bearish signal is emerging through a bearish engulfing pattern accompanied by flattening momentum. Weekly indicators have also weakened, with the price breaking below the 10-week moving average, slipping under the 55-week moving average, and showing fading upside momentum.

Daily studies have shifted decisively into negative territory, as bearish momentum strengthens and the Tenkan-sen and Kijun-sen continue to point lower while maintaining a bearish configuration.

In addition, Bitcoin is moving lower through the thick daily Ichimoku cloud and is approaching the lower boundary of the cloud near the 74,900 area, which also corresponds with the higher low recorded on September 15.

However, downside momentum could temporarily moderate as the market approaches a significant support cluster formed by the 100-day moving average and the 38.2% Fibonacci retracement of the 57,673–87,385 rally, located in the 76,167–76,035 zone.

Any recovery attempts are expected to remain limited and ideally stay capped below the 79,200 area, which protects the pivotal 80,000 barrier. Holding below this region would keep the broader bearish structure intact and maintain the risk of a deeper decline toward the 200-day moving average at 73,130 and the 50% Fibonacci retracement at 72,529.

Res: 79200; 80000; 80373; 81400
Sup: 76312; 76167; 76035; 75000