Bitcoin recovered from Thursday’s low and traded near $82,500 on Friday as cryptocurrency markets assessed reports that funds had been stolen from users of Ledger hardware wallets. The market avoided a major sell-off despite the security concerns, while traders focused on the weekly close and upcoming US inflation data.
Bitcoin recovers after Thursday’s decline
Bitcoin fell to a local low of $80,350 on Thursday before attracting fresh buying interest. It later reclaimed $83,000 around the opening of trading on Wall Street, although BTC/USD continued to move around the $82,500 area.
According to Cointelegraph, data from TradingView showed that $82,500 remained an important support level. The level has acted as support since mid-September and is also part of a potential inverse head-and-shoulders reversal pattern, a chart formation that some traders watch for signs of a possible change in trend.
The rebound came as rolling 24-hour cryptocurrency liquidations moved above $1 billion. Liquidations occur when leveraged positions are automatically closed after traders can no longer meet the required margin. CoinGlass data also indicated that bitcoin’s spot price was moving through sell orders on exchange order books, with a larger concentration of that liquidity around $84,000.
Ledger reports add to hardware-wallet concerns
The crypto market’s relative stability followed reports of stolen funds involving Ledger hardware-wallet users. Ledger acknowledged the claims in a post on X and connected them to CryptoBillis, a reseller based in Southeast Asia.
Ledger advised users who had already set up their devices to consider transferring their assets to a new Ledger signer using a new seed. A seed phrase is the recovery information that can provide access to cryptocurrency stored through a wallet, making its protection a central security issue for users.
Hardware wallets are physical devices designed to help users manage private keys offline. They are often used to reduce exposure to online threats, but the reports have brought renewed attention to security across the sector. The source material also noted that Coldcard, another hardware-wallet manufacturer, experienced a multi-phase hack in July and August.
Despite the Ledger reports, crypto markets did not experience significant selling pressure during Friday’s session. US stocks opened higher, with technology shares recovering from earlier losses. The Nasdaq Composite also participated in the rebound after coming under pressure from weaker-than-expected earnings projections from OpenAI, according to CNBC.
Traders await US inflation data
The next major potential source of volatility identified in the report is upcoming US macroeconomic data. Bitcoin traders were watching the weekly candle close, while Bitfinex Alpha forecast continued range-bound trading through October 14, when new US inflation data is scheduled for release.
Its stated outlook placed bitcoin in a range between $81,300 and $86,500, with repeated tests of $84,000. That view describes a market trading within defined boundaries rather than establishing a clear directional move.
Moneyiar market picture
Moneyiar data at 11:44 a.m. Tehran time on October 11 showed Bitcoin at $82,974.40, up 0.20% over 24 hours but down 2.68% over seven days. Solana was at $109.39, down 0.22% in 24 hours and 9.76% over seven days. NEAR Protocol stood at $5.26, down 0.42% daily and up 7.54% weekly, while Plasma was $0.0869, nearly unchanged over 24 hours and down 8.39% over seven days.
