- 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.
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.
Read more on Bitcoin price analysis.
BTC/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.