Bitcoin closes October down 7.32% amid Binance hack

Bitcoin ended October with a 7.32% decline, marking its weakest October performance since 2014 and breaking its historical “Uptober” winning streak. The asset faced significant volatility, trading between approximately $76,000 and $84,000 throughout the month.

Market instability was exacerbated by a reported $6.3 billion security breach at Binance around October 30. This incident, combined with higher-than-expected US inflation indicators and ETF outflows, contributed to a massive wave of liquidations. Total crypto liquidations for the month reached $12.5 billion, with long positions accounting for $9.213 billion of that total.

Technical analysts are monitoring key support levels between $74,000 and $76,000. While the recent downturn has weakened short-term momentum, some market structures suggest a potential long-term path toward $100,000 if key resistance levels near $86,000 and $87,000 are reclaimed.