Short-term weakness persists, Wintermute says next key Bitcoin support level is $76,800

Odaily report: According to Wintermute's latest market report, last week's market direction was driven primarily by the Binance hack incident rather than the Federal Reserve and PCE data. Binance lost approximately $6.3 billion on October 29, with the incident allegedly linked to North Korea-related TraderTraitor, and about $3 billion has been frozen. Following the incident, liquidations reached $1.5 billion, of which approximately 85% were long positions. Wintermute stated that the dip-buying capital after this decline came mainly from leveraged perpetual contracts, lacking spot buying and new capital support, and the market remains weak in the short term. Bitcoin has broken below the key $80,000 level and is currently around $78,000, with the 50-week moving average at approximately $76,800 serving as the next support level.