Bitcoin (BTC) traded above $77,000 on Friday as crypto market liquidations surpassed $1.5 billion over a rolling 24-hour period, with the market absorbing the fallout from a $6.3 billion hack on Binance and a concurrent sell-off in US technology stocks.

The flagship cryptocurrency stemmed its losses after dipping to $76,320 as traders weighed details of the breach at the largest cryptocurrency exchange. Pressure on digital assets was compounded by tech-stock declines tied to fourth-quarter earnings projections, with Intel Corporation (INTC) down 26% in premarket trading on Friday. Meanwhile, Bitcoin's relative strength index printed a bullish divergence on four-hour timeframes as sell-side pressure waned below $77,000.

Binance hack and tech sell-off weigh on markets

Data from TradingView showed BTC/USD dropping as low as $76,320 in the aftermath of the $6.3 billion hack of Binance, the largest cryptocurrency exchange. Cointelegraph is tracking the incident in its live updates.

Rolling 24-hour liquidations of traders across the industry reached $1.56 billion, with long positions accounting for the majority of the total at $1.31 billion, according to CoinGlass data. Liquidations occur when exchanges forcibly close leveraged positions that no longer meet margin requirements, and the skew toward longs shows that leveraged bullish traders bore the brunt of the drawdown.

In its latest update on X, Binance described the attack as “complex,” reporting more than a single security breach during the episode. “We are still gathering the facts, and will share more directly as we have them,” the exchange wrote.

Downside momentum cooled after Binance confirmed that all user losses would be covered by its dedicated Secure Asset Fund for Users (SAFU) and other company resources, an emergency reserve the exchange established in 2018 to shield user funds in extreme incidents. With the exchange itself still assembling a full picture of the episode, its follow-up disclosures remain among the near-term variables traders are watching.

The hack added to macro pressure on crypto, with US stock markets falling on Thursday after technology earnings fell short of expectations. Alphabet missed earnings and revenue targets on Wednesday, and GOOGL subsequently fell 13% to $282, its lowest level since April.

Intel shares plunged 26% premarket on Friday after the company issued a weaker-than-expected outlook, even though third-quarter revenue and earnings beat estimates. Intel said it expects fourth-quarter sales of $15 billion to $16 billion, versus analysts' projections of $17 billion to $18 billion.

BTC metrics flash bullish divergence at local lows

On lower timeframes, Bitcoin price metrics returned to levels not seen since BTC/USD hit multiyear lows near $57,000 in late June. Related: Strategy eyes more Bitcoin buys as Saylor touts $30B credit capacity.

On Thursday, price closed below the lower band of the Bollinger Bands volatility indicator, a phenomenon last observed on June 25. The move reflects price trading more than two standard deviations below its 20-day simple moving average (SMA), which currently sits at $81,324. While Bollinger Bands do not generate buy and sell signals, a close below the lower band can imply that a mean reversion is due.

The relative strength index (RSI), a popular leading indicator of price momentum, dropped to 34.7 on its 100-point scale on Friday — its lowest reading since June 30 and approaching the “oversold” zone below 30.

On the four-hour timeframe, RSI displayed a bullish divergence from the Bitcoin price, printing a higher swing low against a lower low on BTC/USD. Such divergences can signal weakening seller control and a possible local trend change.