$10K Bitcoin Shows Resiliency Facing BitMex Drama, KuCoin Hack, And Now This

Tony "The Bull" Severino

Last Updated: June 11, 2024 5:46 pm

3 mins read

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Bitcoin price is currently back over $10,500, holding on after a brief crash to under $10,400 on the heels of several pieces of extremely negative news. The recent news normally would be enough to send the crypto market collapsing, highlighting just how resilient support at $10,000 has been so far.

Bitcoin Price Holds Strong At $10,000, Showing Resiliency in Face Of BitMEX Case, KuCoin Hack

Bitcoin price may have fallen 20% from 2020 highs, but the cryptocurrency remains firmly above the key support level of $10,000. This level acted as resistance throughout the 2019 bear market and was a key FOMO trigger on the way up in 2017.

Once the cryptocurrency passed back below it in 2018, however, it spent very little time in its price history above it. Until now.

Bitcoin has now spent the last two months above the pivotal resistance level turned support, and it has shown incredible resilience in the face of negative news that would normally send the asset’s price tumbling.

Yesterday, news broke that the CTO of BitMEX was arrested and the rest of the team hit with a number of charges by the CFTC and United States Department of Justice. The widely known cryptocurrency derivatives trading platform is notorious across the market for liquidating “rekt” traders who lose their Bitcoin in the process.

The company’s CEO has also played the role of villain well, facing off against Dr. Doom Nouriel Roubini that only put a spotlight on Hayes’ brazen and bold attitude toward regulation.

Popular cryptocurrency exchange KuCoin was also hacked for millions in crypto, mostly ERC20 tokens, and there was barely a blip in Bitcoin’s price chart between them.

A fall of about $400 in total came from the news, and then another shocking twist happened, which the crypto asset has also held up surprisingly well from.

BTCUSD Daily Holding Strong After Several Negative News Events | Source: TradingView

Not Even US President Trump Catching COVID Could Take Down The Crypto Asset

Overnight and into the early morning, it was revealed that United States President Donald J. Trump and his wife Melania had a confirmed positive test for COVID. Stock market futures fell at the news, and so did Bitcoin.

Gold skyrocketed back above $1900 an ounce at the news, and eventually, Bitcoin began to follow. The cryptocurrency is once again trading above $10,500 after the news of the President falling victim to the pandemic barely caused a quick $100 dip.

It is not clear what is suddenly causing this incredible strength and resiliency in support at $10,000, but after this recently monthly and quarterly close, bulls could be too confident in upside to let the support level slip once again.

Featured image from Deposit Photos, Chart from TradingView

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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