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BTC Bitcoin stabilizes amid Ledger wallet security concerns and returns to the US$83,000 mark
On Friday, despite concerns raised by market reports of vulnerabilities targeting Ledger hardware wallet users, Bitcoin successfully recovered its losses. As the U.S. market opened, BTC prices rebounded from earlier lows of around $80,350 to trading around $83,000. The overall cryptocurrency market avoided a sharp sell-off and remained stable as it digested new developments without sharp fluctuations, as traders turned their attention to the critical weekly close.
BTC prices fluctuate amid Ledger Wallet controversy
According to TradingView data, BTC/USD hovered around the support level of $82,500 during Friday's trading session, after experiencing a sharp decline on Thursday. The previous day's decline caused the price to bottom down to $80,350, before buying activity reappeared, with total liquidations exceeding $1 billion in 24 hours.
Analysis by data provider CoinGlass shows that bitcoin spot prices operate in highly liquid areas of the exchange order book, with seller interest highly concentrated around US$84,000. The rebound was broadly in sync with improving sentiment in the U.S. stock market, with technology stocks, including the Nasdaq Composite Index, rising after experiencing downward pressure.
CNBC reported that the recovery in the technology sector occurred after artificial intelligence company OpenAI released weak profit forecasts. Adam Crisafulli of market research firm Vital Knowledge said: "This sell-off reflects extreme position imbalances that we believe still need to be further released, making it unlikely that the entire AI-related technology portfolio will simply show a V-shaped rebound."
Although traders are digesting reports of security issues affecting Ledger's hardware wallets, BTC/USD remains settled around $82,500, but the broader market remains resilient and avoids further significant losses.
Ledger, one of the leading manufacturers of cryptocurrency hardware wallets, responded directly to the alleged theft of funds on Platform X (formerly Twitter) and pointed the root cause of the problem to CryptoBilis, a distributor based in Southeast Asia. The company advises affected users: "If you have set up your Ledger device, consider transferring assets to a new Ledger signer (using new mnemons)."
Since 2024, with multiple incidents, the security of hardware wallets has faced increasingly stringent scrutiny. These included a multi-stage hack earlier this year targeting Coldcard, another professional hardware wallet maker.
Noun explanation: Ledger is a French company that specializes in developing hardware wallets. Hardware wallets are physical devices designed to securely store cryptocurrency private keys offline and are used to protect digital assets from cyber threats.
U.S. economic outlook and BTC price triggers
As the weekend approaches, traders are closely watching the closing of the weekly K-line, with $82,500 identified as a key support level since mid-September. Analysts pointed out that the price range formed part of a possible "head-to-shoulder pattern", a technical signal that could signal future reversals, echoing a similar pattern that emerged last year.
Bitfinex Alpha, the research arm of well-known cryptocurrency exchange Bitfinex, predicts that BTC will continue to move sideways between US$81,300 and US$86,500 before the latest inflation data is released in the United States on October 14. Bitfinex Alpha's blog post noted: "Our main view expects the market to range consolidation between $81,300 and $86,500 and repeatedly test $84,000 as it moves towards the October 14 U.S. Consumer Price Index (CPI) data."
Market participants are paying close attention to macroeconomic catalysts, including upcoming consumer price index (CPI) data, which could trigger the next round of volatility in BTC/USD.
