Bitcoin remains true to its volatile nature – it reversed the up-retracing and breached below both the Fibonacci 23.6 level and support last Thursday!
As the BTCUSD daily chart below indicates, short term trend is bearish – price will continue retreating today.
However, the K fast stochastic line has already breached into oversold zone while the more important D stochastic line is declining toward the boundary of the oversold zone. If the D line breaches below the 20 level – the stochastic indicator will signal a buying opportunity has formed!
Reports of a phishing attack on non-fungible token (NFT) platform OpenSea are blamed for causing the reversal of the recent crypto market rebound. Phishing attacks aim to trick users into clicking links or downloading software that attackers then use to access victims accounts or data.
Tweets from panicked NFT traders prompted an OpenSea investigation with chief executive officer telling late Friday “it appears 32 users thus far have signed a malicious payload from an attacker, and some of their NFTs were stolen”.
The hacker, whose ethereum address was appended by a "warning” by the blockchain tracking website Etherscan that “this address was used in an OpenSea phishing scam", appears to have stolen roughly $3 million in NFTs.
Reports on Friday public blockchain platform Cardano new addresses jumped 167% in January, as Cardano holders with 10,000 to 1 million ADA tokens increased their assets by 113%, buoyed crypto market sentiment.
Another bullish news for crypto assets was announcement by Sequoia Capital, one of the top 20 blockchain and cryptocurrency venture capital firms, about the launch of a new $500 million to $600 million sub-fund dedicated to “liquid tokens and digital assets”.
Let us hope bulls once again will regain initiative this week and crypto markets will rebound anew.
