Bitcoin price analysis: BTC/USD bulls light up the fire again; hacked Bithumb exchange moves to suspend deposits and withdrawals

Bitcoin bulls give a blind eye to the woes of Bithumb exchange.
“All deposit and withdrawal service will be stopped to make sure the security,” announced Bithumb.
Bitcoin price breaks above $6,700, $6,800 is within reach in the short-term.

John Isige FXStreet

Bitcoin price is teasing traders with brief bullish signals, besides it has maintained the support at $6,600; covered in an earlier analysis today. The bullish trend is eyeing the critical resistance level at $6,800, however, in the meantime, the buyers must battle to shake off the sellers.

The crypto market has survived an attack on South Korea’s largest crypto exchange Bithumb. The bad news is that the hack was successful and the hackers made away with about $31 million in undisclosed coins, however, the exact amount stolen has not been communicated. The time of the attack is said to have been between Tuesday night and Wednesday morning. Bithumb exchange announcement read:

“All deposit and withdrawal service will be stopped to make sure the security. We will keep notice you of the restart of the service. We apologize for your inconvenience and thanks for your understanding.”

The exchange has put a stop to deposits and withdrawals and customers have asked to comply. For security, Bithumb has moved its assets to cold storage. More announcements from the exchange read:

“[Notice for the temporary suspension of the deposits].Due to the increasing safety issues, we are changing our wallet system. Please do not deposit until we notify. *All deposits are not deposited into your wallet until all changes are completed.”

Bitcoin price analysis

Bitcoin price has broken above the resistance at $6,700 and is currently testing resistance at $6,750. All the technical indicators point towards bullish movements in the short-term. If BTC/USD breaks above $6,800 it will allow buyers to gain momentum to escape the entrapment of the ranging channel as observed on the chart. The support at $6,600 will continue to hold, although a major support is highlighted at $6,400.

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