Wintermute: BTC needs to hold the 50-week moving average at $76,800

on November 3, according to market maker Wintermute's market report, after Bitcoin fell below $80,000, the market remains weak following liquidations triggered by the Binance incident, with the 50-week moving average of approximately $76,800 being the next level to defend.

Wintermute stated that post-dip buying primarily comes from leveraged perpetual contracts, lacking spot demand and new capital support. If Bitcoin reclaims and holds above $80,000 with buying driven by spot markets and ETF funds, the firm will cease its short-term caution; if it breaks below the 50-week moving average, it will further turn bearish.