Yesterday crypto markets dropped following reports that leading cryptocurrency exchange Binance had been hacked. However, the impact of the developments is minimal, and Bitcoin price managed to hold steady at more than $5,800, continuing the upwards trend towards the $6,000 mark.
BTC Holds Above $5,800
A popular analyst has projected that if BTC continues with the upward momentum, its price could soon hit $7,000—a definitive sign that the bullish run has already begun. Currently, Bitcoin price is up marginally at $5,980 after the daily low of $5,800 occurred moments before the Binance hack news was announced.
Because the hack was limited and Binance quickly reimbursed all accounts affected, Bitcoin price didn’t suffer too much from the news of the hack. In the past week, BTC has been on an upward momentum from lows of $5,400, and it only dropped slightly following the news from its weekly high of $6,000 that was set yesterday.
Analysts consider the muted reaction of Bitcoin price to the Binance hacking news and the recent Bitfinex and Tether fiasco as a bullish sign, sentiments that are equally shared by many investors and traders.
Bitcoin Continues to Show Bullish Signs
In a tweet, popular cryptocurrency analyst, UB, indicated that he expects Bitcoin price to continue increasing because it has managed to maintain its position at $5,850 despite dropping yesterday. He explained that this drop occurred just before setting new highs and the sooner $5,850 is reclaimed, the better.
Analysts seem to be decisive with the bullish run demonstrated by Bitcoin over the short-term, but it is equally expected to continue in the long-run. One analyst believes that the break of BTC above its 100-week moving average is a sign that Bitcoin price is likely to jump to $7,200 in the near future.
Bitcoin price is expected to continue establishing its foothold in the upper $5,000 region, and it’s only a matter of time before the next bull run.
Featured image: DepositPhotos © aa-w
(function(d, s, id)
var js, fjs = d.getElementsByTagName(s);
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
(document, ‘script’, ‘facebook-jssdk’));