Bitcoin Claws Back Toward $79,000: Third Straight Day of Gains as Zcash Leads and Binance Reopens Withdrawals

Bitcoin started the new week on the front foot. It rose about 1 percent to roughly $78,600 in Monday morning trading in Asia, marking a third consecutive day of gains as Asian stocks and United States stock futures rebounded after Friday's rout in American technology shares. The move matters less for the size of the gain than for what it interrupted: a week in which Bitcoin fell 3.1 percent in the seven days to November 1, traded in a 7.0 percent range between a $81,692 high on Thursday, October 29 and a $76,360 low on Friday, October 30, and closed October down 7.3 percent at $77,424 — its weakest October showing in at least a decade, leaving it about 38 percent below its record high.

Bitcoin had dipped to about $77,600 late on Sunday before buyers pushed it back above $78,500 within hours. A midnight snapshot put the wider market at $2.62 trillion in total capitalisation, down 2.92 percent, with Bitcoin at $78,420, up 0.77 percent over 24 hours, and 24-hour trading volume of $108.01 billion. Bitcoin's share of the market stood at 60.1 percent, Ether's at 10.6 percent. Liquidations across Binance, Bybit and OKX totalled $91.2 million over 24 hours — a far cry from the $974.6 million seen in the October 30 snapshot. The market is not healed. It is stabilising, and the difference matters.

Zcash (ZEC) led the large-cap tokens, climbing about 3 percent to nearly $1,280, and was also the largest gainer among the top 39 assets in the midnight snapshot at 2.51 percent. Ether added nearly 2 percent to just above $2,300, BNB rose almost 2 percent to about $713, XRP and TRX each added about 1 percent, and Solana lagged, barely moving at about $95. The midnight snapshot put Ether at $2,293 (up 1.17 percent), XRP at $1.25, BNB at $711.88 and Dogecoin at $0.0760, with Solana at $95.01, down 0.54 percent, and Morpho the steepest loser at minus 4.25 percent.

Zcash's strength has a fundamental thread behind it: a forecast note on Monday pointed to renewed risk appetite for ZEC, with a second weekly exchange-traded-fund inflow of roughly $18 million and futures open interest rising to almost 2 million ZEC, alongside support from the Zcash Open Development Lab's founder for a compromise proposal to end the 8 percent block-reward share directed to community grants.

For Bitcoin itself, $78,800 now acts as near-term resistance, the 50-day exponential moving average sits at $80,307 overhead, and the 100-day and 200-day averages at $77,831 and $76,471 sit below price. The Crypto Fear and Greed Index registered 34, classified as Fear, on November 1.

Binance, which disclosed a $6.3 billion hack last week — the largest theft from a cryptocurrency exchange on record — has resumed crypto withdrawals in stages, starting with Bitcoin, and now covers 15 networks. Its latest update added withdrawals for ZEC on Zcash, USDT and GRAM on TON, and SUI on Sui, alongside Bitcoin, Ethereum, BNB Smart Chain, XRP Ledger, Base, Dogecoin, Optimism, Arbitrum, Tron, Solana, Polygon and Avalanche C-Chain. Binance processed $4.649 billion in withdrawals on November 1, with net outflows near $3.64 billion, or about 2.1 percent of assets, and says it has replenished 95 percent of the stolen funds. A reserve snapshot from October 31 is public, with full zero-knowledge verification due on November 3, and the exchange says it has reserved more than $6.34 billion from its SAFU fund, futures insurance fund and treasury. One tracker, DefiLlama, recorded $5.8 billion in net withdrawals over 24 hours — a different measure from Binance's own net-outflow figure. The FBI has confirmed North Korean actors were behind the hack and asked the decentralised-finance community to help block affected Bitcoin, Ether and Solana addresses.

The rebound faces a catalyst gauntlet: United States midterm elections conclude on Tuesday night, with results landing during Wednesday's Asian trading hours, and the October jobs report arrives on Friday, November 6. The Nasdaq 100 slumped 3.5 percent on Friday — its worst day since June — and the Philadelphia Semiconductor Index plunged 7 percent. BTSE chief operating officer Jeff Mei warned that elevated interest rates could weigh on cryptocurrencies in the coming months. The Fed held its target range at 3.75 to 4.00 percent on October 28. Reclaiming $78,800, then $80,000, would strengthen the recovery case toward $82,000 to $83,000. Failing at $78,800 would leave the $76,360 October 30 low — and the $76,973 support zone — as the next test.

FAQ

Where is Bitcoin trading? Around $78,600 in Monday Asia trading, up about 1 percent, for a third straight day of gains, after dipping to about $77,600 late Sunday.

Which coins led the rebound? Zcash, up about 3 percent to nearly $1,280, followed by Ether above $2,300 and BNB near $713; Solana lagged near $95.

How far has Binance's withdrawal reopening got? Fifteen networks, including Zcash, TON and Sui in the latest update, after $4.649 billion in withdrawals processed on November 1.

What are the week's catalysts? US midterm elections on Tuesday (results in Wednesday Asia hours) and the October jobs report on Friday, November 6.

What levels matter next? Resistance at $78,800, then $80,000; below, the $76,360 October 30 low and the $76,973 support zone.

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Related reading on the site: the Bitcoin Bollinger-compression analysis in the Price Analysis category.

This article is market news and general information only, not financial advice.