Investors and enthusiasts are concerned about the future trajectory of Bitcoin following its recent decline to the support level of $29,000. Many variables and expert perspectives come into play as the market seeks to understand this decline to provide perspective on what Bitcoin may face.
In this update, we’ll look at the major factors influencing Bitcoin’s price and speculate how it might behave in the coming months.
Ethereum Heist Worth $10 Million: How Did the Hacker Pull It Off?
Security experts are baffled by a puzzling $10 million breach that targeted skilled crypto users. Ex-CEO and founder of the Ethereum wallet manager MyCrypto, Taylor Monahan, disclosed that over 5,000 ETH worth $10.4 million has been stolen since December.
The hack’s impact on hardware wallet users who prioritized security is concerning. Monahan has been dismantling a massive wallet-draining scheme that targeted knowledgeable and trustworthy cryptocurrency consumers. The attack is quite sophisticated, and the methodology is still unclear.
Such a sophisticated attack in the cryptocurrency industry may affect Bitcoin differently. It might cause investors and traders to be more cautious by raising questions about the security of digital assets.
The market’s confidence may temporarily fall due to this increased sense of unease, which might lead to volatility or a decline in the price of Bitcoin and other cryptocurrencies.
Yet, the market will likely recover and regain stability over time as the crypto community tightens security measures and finds solutions.
With little price movement, Bitcoin had been fluctuating in a narrow range between $30,200 and $30,500. BTC, however, shot up to the $30,200 level during the US trading session, which has changed from a support to a resistance level.
The value of one bitcoin (BTC) may plummet further, possibly falling to $29,189, if the price of bitcoins continues its bearish decline below the $29,700 mark.
On the other hand, if a bullish crossover occurs over the $29,750 mark, the BTC price may aim for the next resistance level of $30,700 or $31,000.