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Bitcoin and Altcoins Could Ignore Bithumb Hack

  • Bitcoin price declined below USD 6,700 after a major cryptocurrency exchange was hacked.
  • All major altcoins trimmed yesterday’s gains and turned red.
  • MTC and HT jumped more than 15% today and broke key resistances.

Bitcoin price traded a few points above the USD 6,800 level recently. However, BTC/USD came under a bearish pressure after KRW 35 billion (USD 31.5 million) in cryptocurrencies were stolen from a major cryptocurrency exchange based in South Korea, Bithumb. Many altcoins declined and trimmed most of its recent gains. However, the mentioned downside move can be considered as a part of a correction and the market could recover in the near term.

Bitcoin
Bitcoin price failed to hold gains above the USD 6,800 level and dropped below the USD 6,700 support. BTC/USD tested the USD 6,600 support zone and is currently consolidating in a range (GMT 09:00). If it stays above the USD 6,600 support, it may perhaps bounce back towards USD 6,800.
On the other hand, if there is an increase in selling pressure, the price may break the USD 6,600 support for more losses.

Ethereum
Ethereum price was able to hold gains above the USD 520 level. ETH/USD was recently rejected from the USD 550 resistance and is currently trading up by around 1% to USD 525.
The price has to move past the USD 540 resistance to extend the current upward move. The next resistance awaits at USD 550. On the downside, supports are seen at USD 520, USD 510 and USD 500.

Bitcoin Cash and Ripple
Bitcoin cash price is still struggling to move past the USD 900 barrier. There was an attempt to break the stated resistance, but BCH/USD failed and declined below the USD 880 support. On the downside, the USD 860 and USD 850 levels may perhaps hold losses.
Ripple price is down around 2% and is trading in a range above the USD 0.53 level. XRP/USD is facing many resistances on the upside near the USD 0.54 and USD 0.55 levels.

Other Altcoins Market Today
Many small cap altcoins followed bitcoin after Bithumb hack. However, two altcoins MTC and HT outperformed. Both coins traded higher by more than 15% and broke a few important resistances.

To sum up, the recent drop may stop if bitcoin successfully holds the USD 6,660 support. Additionally, the market sentiment is still positive and suggests that price could bounce back in the near term.

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