Gains Possible in Bitcoin and Altcoins After Bithumb’s Hack

After Bithumb’s hack news, Bitcoin price declined to below the USD 6,700 level but remained above 6,600. Most altcoins have started an upward trend that suggests most of the market has largely ignored the bearish reaction to the hack news. Further recoveries are expected, with most major altcoins back in the green zone with 2-6% gains.

Bitcoin

The bitcoin price recovered back above USD 6,700 after strong bids around the USD 6,600 support; currently bitcoin sits around USD 6,720. Resistance is hovering around USD 6,750 and USD 6,800. However, if there were a downside break below USD 6,600, bitcoin price could revert to USD 6,400 support.

Ethereum

Ethereum price traded above the USD 520 level. ETH/USD made another attempt to surpass the USD 545 – USD 550 barrier with this bullish bias, but sellers had the upper hand and Ethereum is currently consolidating around USD 530 with supports at USD 520 and USD 510. For Ethereum buyers to gain traction in the short term, a successful close above the USD 550 level is needed.

Bitcoin Cash and Ripple

Bitcoin cash price is consolidating below its USD 900 resistance zone. However, the BCH/USD pair may surpass the resistance and spike towards USD 1,000. Downside supports are at USD 860 and USD 580.

Ripple price did not experience much movement, remaining above the USD 0.5300 level. Ripple buyers are waiting for a catalyst that will nudge the price above the USD 0.55 resistance. Downside supports are at USD 0.525 and USD 0.520.

Other Altcoins

Many small-cap altcoins staged a recovery in the wake of this fluctuation, and climbed higher. Many coins including Enigma, BAT, ETC, THETA, Nano, Ark, VERI and ReddCoin made bullish moves.

Overall, the market sentiment appears stable and even shows a few positive signs; but investors are cautioned that bitcoin price must break the USD 6,800 barrier soon or there may be a downside reaction during the coming sessions.

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