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.
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.
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
