Bitcoin Bounces Right Where Recent Buyers Break Even

Bitcoin defended its 200-day EMA after dropping to its lowest level since mid-September. The record Binance hack hurt ETF flows more than it hurt the price. Short-term holders are back near their average purchase price and selling at a loss. A daily close above the 0.236 Fibonacci level would be the first recovery signal. Bitcoin is trading near $78,500 on Wednesday, up about 1.2% on the day. Earlier in the session it fell to $75,700, briefly dropping below its 200-day exponential moving average (EMA) at $76,480 and almost exactly matching the average purchase price of short-term holders.