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Bitcoin (BTC) Rally Hits a Wall on Binance Hack News

Bitcoin (BTC) Rally Hits a Wall on Binance Hack News

2019-05-08 11:45:00
Nick Cawley, Strategist
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Binance Hack and Bitcoin (BTC) Price Outlook, Chart and Analysis:

  • Binance admits to a large-scale security breach.
  • Bitcoin rally halted but further gains remain possible.

IG Client Sentiment Datashow how retail are positioned in a variety of cryptocurrencies. See how daily and weekly positioning can affect our trading bias. Bitcoin (BTC) trade data shows 79.0% of traders are net-long, a strong contrarian bearish signal. However, recent daily and weekly changes in sentiment suggest that Bitcoin may soon reverse higher.

Binance Crypto-Exchange Hacked and 7,000 Bitcoins (BTC) Stolen

According to a release from crypto-exchange Binance Tuesday, the company discovered ‘a large scale security breach’ which allowed hackers to ‘withdraw 7,000 BTC in this one transaction’. At current market prices, the loss was around $40 million+ and the theft came from the company’s hot wallet with all other wallets secure and untouched. Binance said their SAFU fund would ‘cover this incident in full’ and that no user funds will be affected.

Binance Security Breach Update.

The Binance issued Binance Coin (BNB) fell sharply post-release, hitting a three-week low.

Bitcoin (BTC) Rally Hits a Wall on Binance Hack News

A Guide to Day Trading Bitcoin and Other Cryptocurrencies.

The latest Bitcoin rally came grinding to a halt on the Binance news as it tested $6,000, its highest level since mid-November 2018. We noted recently that a gap on the charts suggested a short-term target of $6,111 and this may should still remain relevant once the Binance news has been fully priced into the market. Since the start of the year Bitcoin has also shown a strong correlation to USDTRY with BTC rallying on any Turkish Lira weakness.

Latest Bitcoin Rally in Concert with Fresh Weakness in Turkish Lira

If the $6,111 level is broken and closed above, old swing-lows between $6,540 and $7,380 come back into consideration in the medium-term. Initial support should be seen around $5,648.

Bitcoin (BTC) Daily Price Chart (August 2018 – May 8, 2019)

Bitcoin (BTC) Rally Hits a Wall on Binance Hack News

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Bitcoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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