Bitcoin drops through support after Twitter hack

Bitcoin has dropped to lows of $9,026 after losing key support zone at $9,150 and analysts predict a pullback before an upswing

Bitcoin price has dropped to lows of $9,026 in the past 24 hours and could slip even lower if price action follows historical moves. Meanwhile, Bitcoin is receiving widespread media coverage thanks to a Twitter breach.

A hacker succeeded in scamming unsuspecting Twitter users of around 12 bitcoins worth $110,000 after hacking into the accounts of major crypto firms and global personalities to promote a Bitcoin scam.

Accounts belonging to Binance, Gemini, Coinbase as well as those of Justin Sun, Charlie Lee, Bill Gates, Joe Biden and Elon Musk all sent out a tweet that asked followers to send Bitcoin to a certain address for a fake project dubbed, Crypto for Health.

Coinbase 5

The hack has received widespread coverage in the mainstream media, with the crypto market reaction appearing to be a downturn in the price of Bitcoin.

Bitcoin drops through support after Twitter hack 1
Most cryptocurrencies in the top 10 are trading in the red. Source: Coingecko

BTC/USD loses grip at $9,150

Bitcoin’s price is teetering close to $9,000 and might need a sentiment flip in the macro markets to prevent a slide to levels under $8,800.

Already, positive sentiment over a coronavirus vaccine has failed to excite the market and a worsening scenario on the global geopolitical scene could mean more bad news.

BTC/USD has failed to hold above $9,200 since June’s monthly close below $9,400. Analysts are pointing to a pullback in the coming days or weeks, citing charts that show price compressions have historically been followed by a slight downturn before rebounding to higher levels.

The chart below shows that since the bull market of 2017, Bitcoin has had multiple rallies. However, each one of these has seen subsequent compression followed by a pullback before prices rallied once again.

Although other external factors may be at play to mean the market may be different this time around, several analysts believe a “fake-out” will occur.

Bitcoin drops through support after Twitter hack 2
Bitcoin price chart suggesting a pullback before another rally. Source: Twitter

Yesterday’s report highlighted the tightening Bollinger Bands which suggested a decline was possible. That scenario is supported by the outlook on the daily charts.

Bitcoin drops through support after Twitter hack 3
Bitcoin daily charts.Source: TradingView

BTC/USD has slipped below its 50-day MA. Bulls are now likely to defend prices at the 100 and 200 MA at $8,871.59 and $8,509.42

The MACD is pointing to indecision among the bulls, with intraday trading volumes shrinking.

Bitcoin drops through support after Twitter hack 4
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

Leave a Reply

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 34,866.00
ethereum
Ethereum (ETH) $ 2,002.49
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 312.72
cardano
Cardano (ADA) $ 1.36
dogecoin
Dogecoin (DOGE) $ 0.258182
xrp
XRP (XRP) $ 0.676035
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 16.33
binance-usd
Binance USD (BUSD) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 34,866.00
ethereumEthereum (ETH)
$ 2,002.49
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 486.85
litecoinLitecoin (LTC)
$ 134.59
bitcoinBitcoin (BTC)
29.241,24
ethereumEthereum (ETH)
1.679,44
tetherTether (USDT)
0,838675
bitcoin-cashBitcoin Cash (BCH)
408,31
litecoinLitecoin (LTC)
112,88
bitcoinBitcoin (BTC)
25,031.87
ethereumEthereum (ETH)
1,437.68
tetherTether (USDT)
0.717945
bitcoin-cashBitcoin Cash (BCH)
349.53
litecoinLitecoin (LTC)
96.63

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020
KuCoin hackers steal $150 million
KuCoin Exchange Hacked But Insurance Will Cover The Stolen $150M
September 29, 2020
Mining City insists that it is legit
Mining City Refutes Claims By Philippines SEC Of Being A Scam
September 23, 2020

Blockchain/Cryptocurrency Questions and Answers

What Is Plethori Platform And How Does It Work?
June 12, 2021
What Is The Fudge Token?
What Is The Fudge Token?
June 5, 2021
What Is Shiba Inu (SHIB) Cryptocurrency And How Does It Work?
What Is Shiba Inu (SHIB) Cryptocurrency And How Does It Work?
May 31, 2021
What Is PancakeSwap And How Does It Work?
What Is PancakeSwap And How Does It Work?
May 27, 2021
How Has Internet Computer (ICP) Become A Top-10 Crypto?
How did “Internet Computer Coin”(ICP) Become A Top-5 Crypto?
May 19, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin34,811 0.46 % 4.07 % 9.16 %
Ethereum2,001.1 0.48 % 2.57 % 15.42 %
Tether1.000 0.05 % 0.27 % 0.33 %
Binance Coin312.49 0.33 % 8.16 % 9.80 %
Cardano1.360 0.60 % 10.87 % 7.92 %
Dogecoin0.2626 3.02 % 15.02 % 14.53 %
XRP0.6783 0.50 % 7.15 % 18.85 %
USD Coin1.000 0.16 % 0.35 % 0.04 %
Polkadot16.26 0.89 % 4.62 % 28.80 %
Binance USD1.000 0.14 % 0.21 % 0.20 %

bitcoin
Bitcoin (BTC) $ 34,866.00
ethereum
Ethereum (ETH) $ 2,002.49
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 312.72
cardano
Cardano (ADA) $ 1.36
dogecoin
Dogecoin (DOGE) $ 0.258182
xrp
XRP (XRP) $ 0.676035
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 16.33
binance-usd
Binance USD (BUSD) $ 1.00