Bitcoin Price Analysis After The Twitter Hack

Greetings Everyone.

After the incredible Twitter Hack that made some of the most well known, trusted and verified accounts - Musk, Gates,  Binance etc. - to tweet about a face bitcoin giveaway Price seems to be dropping. For ten days Bitcoin is trading in a horizontal channel from $9440 to $9155, alongside a very weak volume. Now an almost $200 - about 2% - in less than 4 hours, while the volume is rising well above its averages, indicates that bitcoin market with FOMO (fear of missing out) and FUD (fear, uncertainty and doubt) has been affected.

Up until now prices seems to be stable and it will have a correction soon, but the crisis is not over. Not until the $9000 huge psychological support level holds, so to have a bounce back - if not then the best bet would be the $8800 support level.

The (bit)coin has two sides...

Some claim that this is not the main attack, that this fake giveaway was something to drag the attention from the real attack.

Other say that this was one of the best - accidental - advertisement about bitcoin ever..

Either way the only thing that we must keep in mind is that Twitter got hacked, not Bitcoin!


Cover Photo by Morning Brew on Unsplash and edited by me

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