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Bitcoin holds near USD 78,500 as Binance restores withdrawals in phases.
Zcash, Ethereum and BNB lead the gains among the top coins.
Support near USD 77,500 and resistance near USD 78,800 stay in focus.
Bitcoin trades near USD 78,501 on November 2 as Binance restores withdrawals in phases. The largest cryptocurrency gained 1.2% in 24 hours, with USD 78,800 now acting as resistance.
Zcash led the top coins with a 3.1% gain, while Ethereum and BNB followed. Traders stay cautious before the US midterms and the November 6 jobs report.
Bitcoin trades at USD 78,500.91, up 1.2% in the past 24 hours, according to CoinGecko. Its market capitalization stands near USD 1.58 trillion, while 24-hour volume reached USD 77.63 billion. The price remains 1.1% lower over seven days.
Prateek Gupta, Head of Business at Mudrex, said Bitcoin must move above USD 78,800 to regain upward momentum. He called USD 75,800 an important level to hold. The Binance hack triggered nearly USD 1.57 billion in futures liquidations. December rate-hike odds sit near 75%.
Purvang Mashru, Lead Analyst at BitDelta India, said seven of the top ten cryptos advanced. Bitcoin traded between USD 77,504 and USD 78,514, finishing near the upper end. The October US jobs report is due on November 6 at 7:00 PM IST.
Vikram Subburaj, CEO of Giottus.com, said Bitcoin's rebound toward USD 78,500 reflects relief as Binance withdrawals stabilize. Friday's USD 643.2 million ETF outflow erased USD 440.8 million received over four sessions. Strong wage data on November 6 could strengthen the Fed's case for a hike. He sees USD 77,500 as immediate support.
Nischal Shetty, Founder of WazirX, said total crypto market capitalization stood near USD 2.63 trillion. The VIX rose 12.91% to 19.42, signaling stronger demand for protection before the midterms. A break below USD 77,000 followed by a failed recovery could favor shorts, he added.
Also Read: Bitcoin and Ethereum Price Outlook: Can BTC Hold USD 76K as ETF Outflows Rise?
Source: CoinGecko, prices as of today's session.
Zcash led the gainers, up 3.1%, followed by Ethereum at 1.9% and BNB at 1.7%. TRON added 1.2%, matching Bitcoin's gain. Tether and USDC held flat, and Solana moved just 0.2%. No major coin posted a notable loss.
Binance processed USD 4.649 billion in withdrawals on November 1 as Bitcoin led a phased reopening across 15 networks. Net outflows stood near USD 3.64 billion, or 2.1% of assets. The exchange says it has replenished 95% of the stolen funds.
A reserve snapshot from October 31 is public. Full zero-knowledge verification arrives on November 3. Binance reserved over USD 6.34 billion from its SAFU fund, futures insurance fund and treasury. Skeptics question what the snapshot can prove.
Galaxy's Alex Thorn says Coinbase's Bitcoin price, adjusted for USDT, trails Binance by the widest margin this year. Binance's earlier withdrawal pause disrupted arbitrage, meaning trades that profit from price gaps between exchanges. The spread reflects stressed cross-exchange pricing.
Arbitrage desks usually close such gaps within minutes. Reopened withdrawals should narrow the spread in coming sessions. A lasting discount may point to softer US spot demand. Such a signal would match recent ETF outflows.
BTCPay Server officials report that several hot wallets were drained. The team is investigating and urges operators to shut down their instances until further notice. The open-source processor lets merchants accept Bitcoin without a middleman.
Security incidents have clustered around crypto infrastructure this week. Talis Protocol lost about 5,700 NFTs on October 31, and a fake Solana app briefly reached its dApp Store. Such events weigh on confidence even when prices hold.
Also Read: Binance Reopens Withdrawals After Covering 95% of USD 6.3 Billion Crypto Hack
Prediction markets reportedly give Democrats about a 70% chance of winning both chambers on November 3. Stocks, crypto and oil could react to the outcome. The VIX already climbed to 19.42, showing demand for hedges. Traders are trimming leverage.
Every Senate Democrat voted against advancing the CLARITY Act in September. A Democratic Congress could slow crypto market structure talks. The October jobs report follows on November 6 at 7:00 PM IST, adding another volatility trigger.
Strategy's Michael Saylor said the industry will emerge stronger after Binance's USD 6.3 billion hack. He praised Binance for putting its own balance sheet behind making customers whole. The comments follow a record quarter for Strategy.
Institutional voices matter when sentiment is fragile. Strategy remains the largest corporate Bitcoin holder, so its tone shapes how treasury buyers view exchange risk. Traders now watch whether such confidence revives ETF buying after Friday's USD 643.2 million outflow.
Bitcoin trades near USD 78,500, with support near USD 77,500 and resistance near USD 78,800. ETF outflows, midterm risk, and Fed hike odds cap rallies. Jobs data arrives November 6, so investors should favor staggered entries, modest sizing, and low leverage.
What is the Bitcoin price today?
Bitcoin trades at USD 78,500.91, up 1.2% over the past 24 hours, per CoinGecko. Its market capitalization stands near USD 1.58 trillion, while 24-hour trading volume reached USD 77.63 billion, keeping liquidity firm.
Why is Bitcoin struggling near USD 78,800?
Binance's USD 6.3 billion hack, ETF outflows and elevated December hike odds keep buyers cautious. Resistance near USD 78,800 has capped recent rebound attempts, while midterm uncertainty adds pressure on traders.
Which coins moved the most today?
Zcash gained 3.1% among the top coins, while Ethereum rose 1.9% and BNB added 1.7%. Tether and USDC held flat, showing limited stablecoin stress across the broader market.
What should investors watch today?
Watch Bitcoin support near USD 77,500 and resistance near USD 78,800. Binance's reserve verification, US midterm results and the November 6 jobs report can keep volatility elevated for traders this week.
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