Post-Binance hack: some analysts go bearish, BTC stays strong above $5,900

08 May, 2019
by Joeri Cant
Post-Binance hack: some analysts go bearish, BTC stays strong above $5,900

Some crypto analysts are convinced that the world's most popular cryptocurrency remains bearish, despite the fact that Bitcoin is holding strong above $5,900.

Although Binance got hacked out of 7,000 Bitcoin, valued at around $41 million at current valuations, the world's number one cryptocurrency is holding strong above the $5,900 price mark.

When the Binance hack news broke, BTC dropped from $5,925 in less than thirty minutes to around $5,720. However, BTC recovered quickly back to approximately the same price point, within a 24 hour time frame.

Today, Bitcoin is trading again at around $5,932 and is even seeing a minor gain of 0.21% on the day.

BTCUSD Chart by TradingView

Yet, some crypto analysts are still convinced that the world's most popular cryptocurrency remains bearish from a technical standpoint.

A well-known crypto analyst, going by the Twitter handle Financial Survivalism, a Bitcoin supporter and self-proclaimed financial revolution prepper, took to Twitter to explain that there are a number of technical indicators acting as clear red flags.

'The daily just closed a red 9, following a combo 13 & shooting star reversal doji after testing major resistance. I think that its high time to open some short positions', he tweeted.

Another crypto trader, Walter Wyckoff, follows the same bearish sentiments.

The analyst points to bearish divergences on the Relative Strength Index (RSI) and the Network Value to Transactions (NVT) ratio, which 'alone may not mean anything, but coupled with yearly resistance begs some caution', adding that he isn't in any rush to long $5,900.

To offset all the bearish market sentiments, we have the notable crypto analyst and trader Alex Kruger who points out that Bitcoin has stopped caring about the bad news, adding a chart which perfectly shows what he means by that.

To which Fundstrat’s Tom Lee replied that this is a clear sign of a bull market. Nicely illustrated by the GIF below.

Do you still believe that BTC will break $6,000 soon? let us know in the poll below!

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Read more about: Bitcoin (BTC)


Will Bitcoin break $6000 soon?

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