Bitcoin Technical Analysis: BTC/USD almost drops to $9,000 after Twitter hack

Binance, Coinbase, Elon Musk, Bill Gates, all got their Twitter accounts hacked.
The attacker or attackers posted Bitcoin scam messages and managed to steal around $120,000.

Lorenzo Stroe Independent Analyst

Bitcoin saw a decent drop towards $9,000 but recovered quickly. The Twitter hack was unprecedented as dozens of high-profile accounts got hacked at the same time. Barack Obama, Joe Biden, Kanye, Elon, and many others posted the same Bitcoin scam message, however, the attacker only managed to steal around 13 Bitcoins total.

This sum is simply not large enough to cause any problems in the crypto market and the drop was mostly a fakeout.

BTC/USD daily chart

Bitcoin is now way below the 12-EMA for the first time in the last few weeks. This is notable but the bulls still have time to close above it in the next few hours. The $9,000 level remains as the most crucial support point.

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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