Bitcoin Flashes a Warning Sign on the Daily Chart as Binance Halts Withdrawals

Three Things to Know

• Binance froze withdrawals after a breach now ranked as the largest crypto hack on record.
• Bitcoin slipped under its 50-day average, and momentum readings still favor sellers.
• The 200-day average near $76K is the floor bulls cannot afford to lose.

Binance halted withdrawals after attackers drained billions through a compromised engineer's laptop. The exchange said it will cover every user loss.

The timing hurts Bitcoin, which was already sliding and short of buyers when the hack landed. Traders now face one question. Can Binance restore confidence fast enough to keep Bitcoin above its long-term trend line?

A $6.3 Billion Breach Freezes Binance Withdrawals

Binance suffered a security breach with an estimated impact of $6.3 billion, the largest crypto hack on record. The exchange's initial probe points to a compromised laptop belonging to a DevOps engineer. That access let an attacker reach a service container and submit unauthorized withdrawals.

Crypto firms have frozen about $3 billion of the stolen funds so far.

Co-founder Yi He said deposits are unaffected and operating normally. She expects withdrawals to begin resuming within 48 hours. The exchange is also tightening its withdrawal service and address controls.

Markets sold off on Friday. Bitcoin fell about 2.8% to near $78,490 that day. Ether dropped harder, losing about 3.8% to around $2,243. BNB, the exchange's own token, slid about 3.5% to near $717.

Hyperliquid's HYPE went the other way, jumping about 17% to roughly $93. Traders appeared to favor a decentralized venue.

The scale dwarfs earlier breaches. Bybit lost about $1.5 billion in a 2025 hack, and Bitget more recently lost over $350 million.

Bitcoin Slips Under Its 50-Day Line but Keeps the Long-Term Floor

Bitcoin (BTC) daily price with the nearest support (green) and resistance (red). Source: TradingView

Bitcoin trades near $78K, roughly where it stood a day ago. The flat session suggests panic selling has paused, though buyers have not returned in force.

The bigger problem sits on the daily chart. Bitcoin is below its 50-day moving average, which tracks the average closing price over the past 50 days. That line now sits near $81K. When price trades under it, the average tends to act as a ceiling, and rallies often stall there.

That break came before the Binance news. Bitcoin is down about 4% over the past week and roughly 7% over the past month. The hack added fresh pressure to a slide already underway.

A market that sells off from strength usually recovers faster than one that was already weak. Bitcoin entered this shock from a softer position, so the bounce may take longer.

The longer view still holds up. Bitcoin remains above its 200-day moving average, a slower gauge of the long-term trend. As long as price stays over it, the broader uptrend is intact.

That leaves Bitcoin pinned between two averages. The 50-day caps it from above, while the 200-day supports it from below. A move out of that band will likely set the tone for the coming weeks.

Sellers Still Hold the Momentum Edge

The daily RSI, a 0 to 100 gauge of momentum, reads about 38. That puts Bitcoin in weak territory, below the neutral middle of the scale. It has not reached oversold levels under 30, though. In plain terms, sellers still have room to push before the selling looks exhausted.

Another momentum gauge, the MACD, remains below its signal line, so momentum still points down. No turn has shown up yet, and a turn would be the first sign that buyers are taking control.

Trend strength offers some comfort. Readings show no strong trend in either direction. Bitcoin looks more like it is drifting lower than collapsing in a wave of forced selling.

A drift can reverse quickly once the worry fades. If Binance reopens withdrawals smoothly, sentiment could improve fast.

$76K Is Where the Warning Becomes Real

The nearest support on the daily chart sits right on the 200-day average. That overlap makes the level doubly important. Buyers who trade on price levels and those who watch long-term trends are defending the same spot.

A close below that level would change the picture. Bitcoin would lose its long-term floor, and the warning from the 50-day break would turn into a confirmed breakdown.

The risk below is steep. The next support does not appear until around $65K, which leaves a wide gap with few natural buyers in between. Prices tend to fall quickly through gaps like that.

Overhead, the first hurdle stands near $80K. Clearing it would show that buyers have absorbed the hack-driven selling.

The bigger test comes next, around $82K, just above the 50-day line. A firm move back over that zone would undo the recent trend break. It would also put Bitcoin back on the right side of both averages.

What the Next 72 Hours Could Bring

Binance's 48-hour target sets the clock for the next move.

• Bullish: Withdrawals resume on schedule and Bitcoin closes the day above the first hurdle. That would open a path toward the zone just over the 50-day line. A close back under the 200-day floor would invalidate this view.
• Bearish: Delays or fresh losses at the exchange push Bitcoin to close below the 200-day floor. Sellers could then drive price down to the next support, deep below. A reclaim of the first hurdle would cancel this scenario.

Bulls Need Binance to Deliver on Its Promise

For now, the balance tilts cautiously bearish. Bitcoin needs to win back its 50-day average before buyers can claim the upper hand.

Binance's promise carries most of the weight. Any slip in the withdrawal timeline could test the 200-day floor quickly, and so could new details about the breach.