Twitter Hack Continues to Put Pressure on Bitcoin Prices

bitcoin price BTC
bitcoin BTC

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.

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BTCUSD Daily Chart

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