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Bitcoin Recovers after After Upbit Hack & Shows Bullish Signs
Bitcoin Recovers after After Upbit Hack & Shows Bullish Signs

Will December Be A Dynamite Month for Bitcoin?

 

This past week has been especially volatile for Bitcoin. There was a minor dip followed by two rather large crashes that have recovered almost instantly. This includes Monday's dip which saw Bitcoin collapse to near $6500 levels, but Bitcoin's price quickly corrected itself to previous levels in a few hours. Reasons for Monday's dip include the fiasco between the Block & Binance, and unclear Chinese regulation.

Bitcoin saw another major tumble today following the hack of the Korean Exchange Upbit. The mysterious hacker made off with 342,000 ETH. This hack caused damages roughly estimated at $50 M USD. Upbit's CEO later promised to compensate users that were affected from the hack, although as with Cryptopia, this might not come to fruition.

 

Bitcoin Where to Next?

It seems impossible to predict Bitcoin's second slump below $7000 and current bullish movement, but one technical analyst managed to. This Dav1ddd on trading view managed to predict the crash and bullish movement before both occurred.

Bitcoin: small double top + big inversive H&S by Dav1ddd on TradingView.com

 

Perhaps Bitcoin's slump & current upwards movement had more to do with technical analysis patterns than news of the hack. Regardless, it seems that Bitcoin currently is moving upwards with bullish momentum. Should this trend continue we could see Bitcoin break resistance levels and possibly reach $8000 soon.   


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Written by Jonathan Ganor

Writer & cryptocurrency aficionado

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