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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin (BTC) Bulls Unconvincing, Over $1 Billion Lost To Hackers

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin (BTC) prices are steady
  • Over $1 billion lost to hackers

Hacking is forcing thoroughness in cryptocurrency exchanges. Determined hackers have seen exchanges lose over $1 billion with Bitpoint the latest victim. At the time of writing, BTC is stable, but bears have the upper hand.

Bitcoin Price Analysis

Fundamentals

There is always a risk when trading. Unlike trading traditional securities like bonds or Forex, the cryptocurrency space is unregulated. That is perhaps the reason why government representatives are drumming up for proper regulation.

Furthermore, Bitcoin and digital assets are prone to manipulation, which is then again exacerbated by huge price fluctuations making any form of sane trading near impossible. Jay Clayton of the SEC is concerned about the lack of proper monitoring tools required for leveling the playing field.

Besides market-specific risks, external factors as the security and liquidity of the exchange can spell the difference between profitability or losses for any traders-irrespective of trading style.

Of late, security is the focal point for critics and no-coiners. Believing that cryptocurrency trading is futility or gambling at best considering the many hurdles and specifically the lack of regulation, many are nitpicking vulnerabilities of cryptocurrency exchanges.

To quantify, more than $1 billion worth of cryptocurrencies including Bitcoin have been stolen by hackers. At times sponsored by governments, these elements are wreaking havoc to investors.

Understandably, Bitcoin trading is an emerging sub-sector. Tempering and accelerating maturity, hacking will always be a part of the game as long as there are honey pots in centralized exchanges.

Candlestick Arrangement

Bitcoin BTC

Overly, BTC is in an uptrend partly because of the stellar gains of H1 2019. Rallying from $3,200 and topping $14,000 in six short months, buyers are in control at least from a top-down approach.

However, in light of recent developments and precisely candlestick arrangement in the daily chart, sellers are back. If anything, a retracement is normal.

Therefore, while buyers will likely print higher in days ahead, there is an opportunity for bears to counter the primary trend. Regardless, this is subject to the reaction at $11,200.

If there is demand for BTC, odds are prices will spike to $14,000. As it is, every high is a selling opportunity with fitting stop limits above $11,200. Near term, the target will be $9,500. Any degradation below this support could see BTC drop to $5,500 in a retracement.

Technical Indicators

In light of the above, July 16 bear candlestick leads this trade plan. It is extensive, confirming losses of July 14 and different from others thanks to high trading volumes of 43k.

Because of this, any surge above $11,200 or drop below $9,500 ought to be with high participation exceeding 43k or even 82k of June 26.

When it prints, that will signal trend continuation or a temporary correction with targets at $18,000 or $5,500 subject to breakout direction.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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Dalmas Ngetich
Dalmas Ngetich

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.

Read more

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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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The highest standards in reporting and publishing
How Our News is Made

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