Bitcoin (BTC) Absorbs Sell Pressure, Will $11,200 Hold?

Dalmas Ngetich

5 years ago

2 mins read

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Bitcoin (BTC) up 2.8 percent
Hackers strike Bitpoint, user funds stolen

Bitpoint is the latest Japanese exchange to lose customer funds through a hack. In an announcement, the exchange said it lost $32 million worth of Bitcoin, Litecoin and other coins stored in their hot wallet. At the time of press, BTC is up 2.8 percent.

Fundamentals

Japan is known for its flexibility. As one of the early adopters, Japanese regulators are firm on their oversight. Formulating and implementing consumer-centric laws, the Financial Services Agency (FSA) has the best interest of digital asset investors in the country. And this is understandable. From the world’s rustling Mt Gox hack and the recent Coincheck heist where investors cumulatively lost more than $800 million, the FSA must be stringent.

However, it appears as if malicious elements have their cross hairs on Japanese exchanges. After getting behind Zaif’s security, Bitpoint is the latest victim. Through an announcement, the exchange said they lost $32 million worth of several coins including Bitcoin and Litecoin.

By penetrating and swiping clean their hot wallets, hackers stole 3.5 billion yen. From this figure, 2.5 billion Yen belonged to clients. Notifying the general public of the unfortunate event, Bitpoint said:

“We are investigating the details of the amount and the outflow of the virtual currency that was the target of the illegal outflow, but the outflow is approximately 3.5 billion yen (of which approximately 2.5 billion yen from the customer’s custody, BPJ At the moment, it is forecasted that the company will hold approximately 1 billion yen (the exchange rate will be the price as of July 16, 2019, 16:00).”

Candlestick Arrangement

Overly stable and reacting from the middle Bollinger Band (BB) which is the flexible support line, BTC is up 2.8 percent in the last week. Nonetheless, in light of recent events, bulls are on the edge. The short to medium term trajectory largely depends on the price action of the next few days.

Assuming, and as reiterated in previous trade plans, there is a surge past June, then bulls will be at a pole position. In that case, BTC would easily float to $15,000 and even $18,000. On the other hand, the weakness of the last few days is a precursor for sellers.

Any drop below $11,200 with high participation shall confirm June 27 losses setting the pace for $9,500 or lower in a retest.

Technical Indicators

Therefore, from above, short to medium term price trajectory depends on the level of participation and breakout direction. Any surge or meltdown, above or below $14,000 and $11,200 ought to be with high trading volumes preferably exceeding 82k. In such a case, bulls will be stamping their authority in trend continuation or sellers flowing back in a retest.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.