Bitcoin Breaks Above $600 for The First Time Since Bitfinex Hack



Bitcoin finally broke above the big resistance at $600 today. The digital currency had not traded near this level since the 11th of August. The market has pulled back somewhat after the initial spike. Bitcoin traded as high as $610.87 today, according to data provided by OKcoin, one of the largest digital currency exchanges in China.

This is the highest bitcoin has been since the beginning of August, following the savage plunge down to $477.98 in the aftermath of the Bitfinex hack, where close to 1% of all bitcoin in existence were stolen. Those coins still haven’t been recovered by authorities, but despite the high profile theft, faith in the digital currency remains strong as the bitcoin network itself remains secure.

Following the Bitfinex theft, bitcoin traded in a sideways channel for the entire month of August, establishing a floor around $565.

The big question now: will the former resistance at $600 now turn into support?


About Author: author Steve Todorov is the founder of Razor-Forex.com, an ardent digital currency enthusiast and Forex trader. Read More...

Join him on Google+ | Reddit | Twitter

11 comments :

  1. The hack has sent bititcoin prices into freefall. One Bitcoin was trading at around $600 when news of the hack hit, and prices slumped to a low of$518 before recovering to $560, where it's sitting now.
    Security and volatility have long been two of the biggest drawbacks to Bitcoin.


    RzazANr3FtJRaPBajXbZACFV2Tj9XGBQbN

    ReplyDelete
  2. Bitfinex hack was a drawback, but I'm sure bitcoin will find its way to the top again. Just like any other currencies, virtual or not, hearing good news and having nice reputation gives stability to the price.
    Just like Dan Kaminsky once said, " Bitcoin's got its issues. But it is not competing with perfection."

    1AkBmXrGEvkXae3mcduJGNbBfRioWgjN4K

    ReplyDelete
  3. İt's nice to see that bitcoin price is growing.We are near to november.It sounds like in november there will be bitcoin price spike,i believe there will be,since november is totally different for BTC.

    My answer for the big question is:yes it will be.and with time support price will be much higher

    18MCYLzNs1BQ7DJ3i6pnme2Z2sRHXeMsVS

    ReplyDelete
  4. It's good to see again the bitcoin price at $600+, I was a bit surprised today when I saw the graph. Let's hope the bitcoin price will reach back $700+ this month.

    ReplyDelete
  5. There is a high chance for $600 to be a new support. However, it will be tested before we can see a new bull run in the price. Bitcoin correction was a good opportunity for new users to buy into bitcoin and existing long term investors to add into their portfolio.

    Looking ahead, I feel we can expect a good price increase as almost all negative factors seem to be resolved. Finally, the charts seems like saying "Bitcoin to the MOON!!"

    1NieA4DuwuhecY6RHcrhTDsnrvfsRd7d4x

    ReplyDelete
  6. Currently as I post this bitcoin is at $610 usd,m which is amazing. It looks like we may be seeing $1200 again by the end of the year hopefully! Sadly, Monero looks to have fallen back down from 0.0265 to 0.0194 as well. Bitcoin addy 1QG3DXXF5NmXSg2aUHwEUwhAXr8eiB95cP

    ReplyDelete
  7. It is really unfortunate that there are exploits or worse, sites that take the crypto and run (ie Big Vern) and there are others that build a shoddy product and then pass on the exploits to others, taking down the price of Bitcoin with them. This article epitomizes the volatility and what happens when bad actors are involved in the cryptoEconomy. This is a fair technical analysis, despite the theft that took place, but it's grounded in reality.

    SLVRczC5xjr7Pfn8zogkz3D6pHpy6FGwj4

    ReplyDelete
  8. I think that the price will stay above 600 for now, but I think the resistance will probably remain somewhere around 620. Of course the short-term upwards trend it's in is just that - a short-term trend. But when the price drops, it's likely to be more gradual than when it spiked to above the $600 mark.

    31jyqKhKnBsjJxSoJL2AgARH5XoEHva8dw

    ReplyDelete
  9. Even with that free fall, the Bitcoin is way too big to experience any sudden and abrupt damage. Especially not the direct attack. If I would expect the Bitcoin to fall completely it would be only a slow and painful death.
    With or without the hack, I believe that the volatility is going to sway it up and down as usual.

    1FWsHLGUsWHkjnE8VHEHruAsM29GR3N5EW

    ReplyDelete
  10. I believe that Bitcoin and other crypto currencies are here to stay. Yes they may rise and fall but in the long term and certainly as country's local currencies devalue or inflation rates rise people will 'hedge' by buying BTC.

    S2e1YmSWRo1p5faz1GDUTokE3qTYvEPA9z

    ReplyDelete
  11. It's important to keep in mind that this drop wasn't necessarily just due to the Bitfinex hack. The S&P500 has been suffering in the last few days as a result of interest rates and general uncertainty in the economy. While BTC is likely to be less affected by broader economic conditions, at the end of the day it is still a speculative investment for quite a few people and as such it's likely that it will share some of the similar traits - specifically, when economic times are uncertain there is going to be a negative impact on speculative investments.

    The inverse relationship between equity prices and interest rates may also apply to bitcoin investors - when the 'risk free' rate of return (funds held in a savings account) increases, the price of risky investments usually drops as they become less attractive.

    195g9N7Brzuq1DV9UVJwoMdTcmHjWTPGEx

    ReplyDelete