Bitcoin's Post-Hack Rebound

It's Benzinga bringing Wall Street to Main Street. Bitcoin fell below $77,000 overnight after a $6.3 billion hack at Binance, then recovered to around $78,000, according to Benzinga. Analyst Benjamin Cowen warned of a potential final fourth-quarter sell-off ahead of the November 3rd U.S. midterm elections. Two consecutive weekly closes below Bitcoin's May high suggest a possible bull trap. Cowen outlined two scenarios, a pre-election capitulation below the $73,000 to $77,000 range or a rebound towards $79,000 to $80,000, followed by another post-election decline. He identified the 200-day moving average near $73,000 as potential support if Bitcoin breaks below its 21-week EMA. Cowen also noted that trading volume has yet to show the capitulation spike associated with previous bear market lows. He expects a recovery in 2027. For all things money, visit Benzinga.com.