Italian Banks Successfully Test Data Reconciliation Via Blockchain

9m
cointelegraph

$500 Billion in Transactions Later, Litecoin Celebrated Its 8th Birthday

21m
cryptoglobe

Changpeng Zhao Tweets About ‘Binance Effect,’ Deletes Newly-Added Coin Pumps Shortly After

22m
beincrypto

Rising cryptocurrency mass adaption in India before court case on 23rd

1h
bitcoinwarrior

Bitcoin Price Continues to Track Bullish $3,200 Bottom Fractal

1h
newsbtc

Kik Announces It’s ‘Here to Stay’ in Apparent Reversal of Fortunes

1h
cointelegraph

Bitcoin Faces Drop Below $8,000 Despite Beating Price Resistance

1h
cryptonewmedia

Bitcoin Drops 0.82% as Dominance Downtrend Continues

1h
coininsider

Top X Bitcoin Trading Strategies

1h
cryptodaily

Monero [XMR] Hits a 6-Month Low as Major Exchanges Gear to Delist Privacy Coins

1h
coingape

VanEck Director Calls on USA to Embrace Bitcoin After Backing Tether

1h
beincrypto

Cardano Senior Manager Reveals All About Upcoming Testnet & Staking on the Network

2h
cryptodaily

G7: Facebook's Libra Shouldn't Be Launched Until Its Risks Are 'Adequately Addressed'

2h
cryptoglobe

4 Minute Crypto - Will The New Dot Crypto Domains Replace Crypto Wallet Addresses

2h
letstalkbitcoin

Report: Telegram’s ‘Force Majeure’ Clause Curbs Investor Compensation

2h
cointelegraph

Is the GBTC Premium a Big Indicator for the Price of Bitcoin?

2h
cryptodaily

Bitcoin Price: Sudden Sunday Drop Has Analysts Eyeing $7.8K Support

3h
cointelegraph

BNB, EOS, Monero, TRON and Cardano

3h
cryptonewmedia

BitMEX’s Bitcoin Futures 24 hr Volume Drop Below $1 Bn, Records the Lowest in Months

3h
coingape

XRP Looks To Double Its Value in Anticipation of 2019 Swell Conference

3h
beincrypto

Crypto IRS Audits: Hire Professionals or Do it Yourself?

3h
cointelegraph

Ripple’s Brad Garlinghouse Doesn’t Slam Bitcoin, But Still Believes XRP is a Better Option For Payments

3h
cryptodaily

BMW, General Motors, Ford to Start Testing Blockchain Payments in Cars

3h
cointelegraph

Sudden Cyworld Shutdown Puts Clink Crypto Investors at Risk: Report

3h
cointelegraph

Hurun Institute’s Wealthiest Chinese List Includes 12 Crypto Moguls

3h
cryptoglobe


Bitcoin (BTC) Absorbs Sell Pressure, Will $11,200 Hold?

Bitpoint is the latest Japanese exchange to lose customer funds through a hack. In an announcement, the exchange said it lost $32 million worth of Bitcoin, Litecoin and other coins stored in their hot wallet. At the time of press, BTC is up 2.8 percent.

Japan is known for its flexibility. As one of the early adopters, Japanese regulators are firm on their oversight. Formulating and implementing consumer-centric laws, the Financial Services Agency (FSA) has the best interest of digital asset investors in the country. And this is understandable. From the world’s rustling Mt Gox hack and the recent Coincheck heist where investors cumulatively lost more than $800 million, the FSA must be stringent.

However, it appears as if malicious elements have their cross hairs on Japanese exchanges. After getting behind Zaif’s security, Bitpoint is the latest victim. Through an announcement, the exchange said they lost $32 million worth of several coins including Bitcoin and Litecoin.

By penetrating and swiping clean their hot wallets, hackers stole 3.5 billion yen. From this figure, 2.5 billion Yen belonged to clients. Notifying the general public of the unfortunate event, Bitpoint said:

“We are investigating the details of the amount and the outflow of the virtual currency that was the target of the illegal outflow, but the outflow is approximately 3.5 billion yen (of which approximately 2.5 billion yen from the customer’s custody, BPJ At the moment, it is forecasted that the company will hold approximately 1 billion yen (the exchange rate will be the price as of July 16, 2019, 16:00).”

Overly stable and reacting from the middle Bollinger Band (BB) which is the flexible support line, BTC is up 2.8 percent in the last week. Nonetheless, in light of recent events, bulls are on the edge. The short to medium term trajectory largely depends on the price action of the next few days.

Assuming, and as reiterated in previous trade plans, there is a surge past June, then bulls will be at a pole position. In that case, BTC would easily float to $15,000 and even $18,000. On the other hand, the weakness of the last few days is a precursor for sellers.

Any drop below $11,200 with high participation shall confirm June 27 losses setting the pace for $9,500 or lower in a retest.

Therefore, from above, short to medium term price trajectory depends on the level of participation and breakout direction. Any surge or meltdown, above or below $14,000 and $11,200 ought to be with high trading volumes preferably exceeding 82k. In such a case, bulls will be stamping their authority in trend continuation or sellers flowing back in a retest.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments