• FTX exploiter has made bold moves over the weekend, triggering a market sell-off.
  • If Bitcoin (BTC) price can bounce off the $15,550 support level it could trigger an 18% upswing to $18,784.
  • Invalidation of this outlook will occur on a daily candlestick close below $15,550.

Bitcoin price experienced a sell-off over the weekend as the hackers who stole roughly $600 million from the now-defunct FTX exchange decided to offload their holdings. While BTC crashed due to illiquid market conditions on the weekend, there are chances for a recovery bounce to occur.

FTX exploiter and clever plans

FTX exploiter has been extremely active over the last 48 hours after siphoning nearly $600 million worth of crypto from the bankrupt exchange FTX on November 12. The hacker seems to be leveraging crypto bridges and decentralized pools to clean the exploited funds. 

Peckshiled alerts show that 1,990 $ETH worth $2.40 million were swapped for 140.03 renBTC worth $2.32 million. This move caused a lot of panic over the weekend, triggering a 10% crash in ETH so far.

From a trading perspective, the exploiter could use the panic to their advantage by opening short positions before swapping ETH for BTC. The hacker currently holds roughly 2444.55 BTC worth nearly $40 million.

The stolen funds could be swapped for different assets so that the exploiter can capture maximum price movement, aka profits. However, doing this on the weekdays is unlikely to help the hacker’s case as there is massive liquidity. 

Therefore, traders need to be extra careful over the weekends and watch out for another sell-off.

FTX exploiter holdings

FTX exploiter holdings

Bitcoin price unchanged from big picture perspective

Bitcoin price is tagging the lower limit of the falling wedge pattern reported on November 18. Since the $15,550 support level coincides with the setup, a bounce could be a likely scenario, especially if the hacker does not make big moves.

The plan for BTC, as discussed in the previous weekly report, has not changed. The bullish divergence is still in play and could trigger an 18% upswing to $18,784. Due to the presence of the highest traded level of 2022 at $19,150, the Bitcoin price rally could be capped here.

Only a flip above these hurdles, followed by a decisive three-day candlestick above $20,560, will indicate a breakout from the falling wedge. Since this technical formation forecasts a 55% upswing, investors need to prepare for a long-term play in which Bitcoin price could slowly but steadily move to $32,191.

Investors should note that this 55% rally in Bitcoin price is a long-shot based on massive ‘ifs’ and should be taken with a grain of salt.

BTC/USDT 1-day chart

BTC/USDT 1-day chart

While the outlook for Bitcoin price tries to remain optimistic, the FTX exploiter’s actions could render the technicals moot. A flip of the $15,550 support level into a resistance, preferably on a three-day or a weekly chart, will invalidate the bullish outlook.

In such a case, the chances of Bitcoin price visiting the macro bottom, extending from $13,575 to $11,898 are high.


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.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Bitcoin may be set for a price rebound amid alleged Trump's plan to speak at Bitcoin convention

Bitcoin may be set for a price rebound amid alleged Trump's plan to speak at Bitcoin convention

Bitcoin's price dropped below the $60K level briefly on Monday following news of defunct exchange Mt Gox beginning to pay its creditors in July. However, Santiment data reveals that the recent spike in social volume of the phrase "bottom" could signal a potential price rebound for Bitcoin based on historical trends.

More Bitcoin News

Solana down 15% in past seven days amid claims of alleged SOL investigation

Solana down 15% in past seven days amid claims of alleged SOL investigation

Solana holders and crypto analysts on X slammed influencer Crypto Bitlord behind the X handle @crypto_bitlord7 for his hot take on Solana and an alleged investigation. The analyst said that the alleged investigation has been brewing for “some weeks now,” and the crypto community on X heavily critiqued the influencer.

More Solana News

Ethereum whales increase their holdings following recent price decline

Ethereum whales increase their holdings following recent price decline

Ethereum's price (ETH) is down nearly 6% on Monday after Mt. Gox announced it would begin repaying creditors their Bitcoin and Bitcoin Cash. However, ETH whales have pounced on the price decline as an opportunity to purchase ETH before the arrival of spot Ethereum ETFs.

More Ethereum News

SHIB whale sells amid controversy surrounding WATER meme coin and singer Jason Derulo

SHIB whale sells amid controversy surrounding WATER meme coin and singer Jason Derulo

SHIB whales could be selling as the Dogecoin competitor has not seen sustained price growth in the past three months. WATER token might be facing selling pressure from increased insider activity. Jason Derulo accused of promoting crypto pump-and-dump scams by analyst.

More Shiba News

Bitcoin: Is BTC out of the woods?

Bitcoin: Is BTC out of the woods?

Bitcoin appears poised for a slight decline this week, influenced by factors such as the German Government's deposit of over 1,700 BTC in exchanges, decreasing outflows in US spot ETFs, and on-chain data indicating no signs of BTC DeFi liquidation. 

Read full analysis