Bitcoin was hoping to make an early recovery out of the recent drop spurred on by the Coinrail hack on June 10th, and was starting to gain new momentum from the ongoing US/China trade disputes up until today.
The latest news headlines of South Korea’s largest crypto exchange, Bithumb, getting hacked this morning has come at a terrible time for the #1 cryptocurrency. In a statement released today, the exchange reported losses equating to $30million but has commented that it will reimburse all users affected, from their own holdings.
“We checked that some of cryptocurrencies valued about $30,000,000 was stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet.”
For now it appears that Bithumb’s efforts to compensate its users has held off further bearish trading.
Diving into the 1D BTC/USD chart above we can see Bitcoin has been resting along a solid base support level after bearishly passing below the 500 EMA (orange) briefly during the Coinrail hack sell-off. At this point, the RSI was indicating BTC had been oversold and so with the help of short-term traders catching the bounce, BTC was able to spring back into the green.
At the time of writing, BTC has now found a foothold along the 500 EMA again and will be hoping to find continued bullish support through this week to take it towards the 0.786 fibonacci resistance, just over $7000.
Signals are looking uncertain for the asset going into this next phase with CMF climbing back towards the zero line as money begins to flow back into BTC, but MACD and RSI still looking bearish.
Bitcoin will want to break into the channel above between the 0.786 and 0.618 fib levels (green zone) before we should expect to see any sort of ‘BTC mooning’, if it falls below the base support into the red area, then this will be a strong sell signal to ditch BTC before a strong bearish episode ensues.
This article appeared first on Cryptovest
