Quick take:
- Bitcoin seems to have shaken off the effects of the Twitter hack.
- The King of Crypto is still trading within a tight range above $9,100.
- With the weekend about to kick off, $8,900 is the level to watch as losing this support zone would lead to more losses.
Bitcoin seems to have handled the news of the Twitter hack pretty well. This is despite slight indications of Bitcoin dropping as a result of the Twitter hack that painted BTC as the choice of digital asset for hackers and criminals. When news of the Twitter hack hit fever pitch, Bitcoin dropped to the $9,050 support zone momentarily before fighting to push back up above $9,100. At the time of writing this, Bitcoin is valued at $9,163 and is now above the $9,150 support zone.
$8,900 is the Level to Watch This Weekend for Bitcoin
Today being Friday, the weekend is hours away and the Bitcoin trade volume should see a level of reduction. This is based on the fact that the crypto markets have recently adopted patterns seen in traditional stock markets where trading reduces over the weekend as institutional investors and professional traders take a break from a week of working. Such patterns are proof that institutional investors are knee-deep in the crypto trading game.
Therefore, and with the anticipation of low Bitcoin trade volume, the chances of BTC testing the $9,050 support zone are high. Furthermore, if this level is broken, Bitcoin could visit the $8,900 support zone where also the 100-day moving average lies for BTC.
Bitcoin Losing $8,900 Support Would Lead to More Losses
A recent report by the team at Crypterium states that a drop of Bitcoin below the $8,900 price level will most likely lead to additional losses for BTC. They explained that losing this zone would definitely lead to Bitcoin testing $8,600.
We are still waiting for BTC to enter the $9,000 — $8,900 range. The dynamic inside that range will likely determine the future of the currency.
If buyers are unable to show serious activity, then the price will go lower. A breakdown of the $8,600 mark will most likely result in further losses to $8,000 and even $7,800.