Bitcoin prices continue to trade in a sideways trend, but with an overhanging cloud of bearishness after hackers successfully took over Twitter accounts of the world’s famous people and successfully got gullible followers to part with $120K. The plot has gotten more interesting with TRON CEO Justin Sun now offering a reward of $1million to anyone who can identify the Twitter hackers. Sun has a vested interest in the whole affair: his account and that of the TRON Foundation were also hacked.
However, the news surrounding the hack has put a dark cloud over Bitcoin and other cryptocurrencies. It could prompt more far-reaching bans on the use, advertising and mention of Bitcoin and other cryptocurrencies on social media platforms.
In the meantime, Bitcoin prices continue to trade within a tight range. This may be the calm before the storm.
Technical Outlook for BTCUSD
The downside break from the ascending channel on the daily chart has not materialized into a full-scale selloff, as the 9100.31 support continues to hold up Bitcoin prices. However, the recent daily candles have begun to show lower highs, which is ominous and could be a sign of an impending breakdown of the 9100.31 support.
A breakdown of this support allows BTCUSD to target the 8874.49, with 8550.12 also presenting itself as a possible support level. Other potential support areas are found at 8000.90 and 7420.72.
On the flip side, a bounce from the present support could allow Bitcoin prices to target the 9427.71 price level, with 9939.77 and 10290.44 becoming relevant as possible upside targets if prices keep advancing.
BTCUSD Daily Chart