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Bitcoin (BTC) Price Starts Much Awaited Rally To $6K

Bitcoin (btc) price starts much awaited rally to $6k

Bitcoin (BTC) Price Starts Much Awaited Rally To $6K

Bitcoin (btc) price starts much awaited rally to $6k
  • bitcoin price broke the main resistance at $5,400 and rallied sharply against the US Dollar.
  • The price traded to a new 2019 high and it remains in an uptrend above $5,350.
  • There is a major bullish trend line forming with support at $5,360 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair has likely started a strong upward move towards the $5,800 and $6,000 resistance levels.

Bitcoin price rallied sharply above $5,400 and $5,600 against the US Dollar. BTC is likely to extend gains and it may continue to grind higher towards the $5,800 and $6,000 resistance.

bitcoin Price Analysis

After a short term downside correction, bitcoin price found support near the $5,200 level against the US Dollar. The BTC/USD pair formed a strong support base above $5,200 and later started a steady rise. There was a break above the $5,300 resistance and the 100 hourly simple moving average. The price traded in a range for a few hours and recently broke the key $5,350 resistance to start a strong rally. The bulls came into action and pushed the price above the $5,400 and $5,500 resistance levels (as discussed in the previous analysis).

The price even broke the $5,600 level and traded to a new 2019 high at $5,641. Recently, it corrected gains below the $5,600 level and the 23.6% Fib retracement level of the recent rise from the $5,360 low to $5,641 high. However, the $5,500 level is currently acting as a decent support. The 50% Fib retracement level of the recent rise from the $5,360 low to $5,641 high is also near the $5,500 level.

If there is a downside extension, the next key support is near the $5,420 level. It also coincides with the 76.4% Fib retracement level of the recent rise from the $5,360 low to $5,641 high. Moreover, there is a major bullish trend line forming with support at $5,360 on the hourly chart of the BTC/USD pair. Therefore, dips from the current levels are likely to face a strong buying interest near $5,400 and $5,360.

Looking at the chart, bitcoin price started a strong rally above the $5,400 resistance (as per our weekly analysis post). The bulls are clearly in control and they could aim further gains above $5,600 and $5,650. The next stop could be near the $5,800 level. If there are further gains, the price is likely to test the all-important $6,000 resistance area.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD climbed higher sharply above the 60 and 70 levels.

Major Support Levels – $5,500 followed by $5,420.

Major Resistance Levels – $5,600, $5,640 and $5,800.

Published at Tue, 23 Apr 2019 06:39:55 +0000

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North Korea Behind Recent YouBit Hack?

Cybercrime experts are attributing the most recent bitcoin heist to North Korea. The Wall Street Journal report that the South Korean cryptocurrency exchange YouBit is the latest victim of a malicious hacking, and that their northern neighbours are to blame. YouBit have been forced to declare themselves bankrupt after 17 percent of their digital assets were stolen. They are allowing customers to immediately withdraw three quarters of the funds in their accounts. The remaining sums will be paid out following the liquidation of the exchange.

The allegations come just one day after the US laid the blame for the WannaCry cryptographic worm attack on North Korea. ARS Technica report that White House National Security Adviser Tom Bossert stated yesterday:

“We do not make this allegation lightly. It is based on evidence. We are not alone with our findings, either. Other governments and private companies agree. The United Kingdom attributes the attack to North Korea, and Microsoft traced the attack to cyber affiliates of the North Korean government.”

The WannaCry ransomware attack targeted users of the Windows operating system this Spring. It’s estimated to have infected over 300,000 computers across the globe. Computers and their contents were frozen and a demand of bitcoin was then made to those affected.

These examples are not the first time that the communist dictatorship of North Korea have been implicated in such heists. Just this year, three additional attacks have been made against South Korean exchanges that are being blamed on operatives working under Kim Jong Un. The largest of which was on Yapizon, YouBit’s predecessor. They were compromised back in April. This digital heist saw even larger sums of cryptocurrency lifted.

A report issued back in September by cyber security firm FireEye acknowledged the motive behind North Korea’s interest in digital currency. The fact that cryptocurrencies offer permission-less movement of funds across the planet makes them ideal for the purpose of laundering money and evading sanctions. Hackers can then use coin tumbling services to “clean” funds. Alternatively, they can exchange bitcoin involved in a hack for a much less traceable currency like the anonymity coin Monero. It’s believed that this is what occurred following the WannaCry outbreak.

For a country trying to fight off aggressive international sanctions and continue their militarisation, cryptocurrency seems to present an obvious solution to traditional financial channels being closed off to them. ARS Technica estimate that some $16 billion have been lifted by North Korea to finance their foreign policy objectives. Whilst this is pittance when compared with the over $612 billion market cap of all of cryptocurrency, for a nation that are currently in the midst of economic strangulation, it’s certainly worth going after.

 

Image: PixaBay

 

 

 

The post North Korea Behind Recent YouBit Hack? appeared first on NEWSBTC.

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