Bitcoin Traders Turn Bearish After Recent Hack

The recent Twitter hack of popular crypto accounts has turned the sentiment really bearish at the moment and it could be the reason why the market crashed so easily in the past 24 hours. Previously, BTC/USD had been in a long period of indecision but it finally broke out of it and completed that move to $9k as we had anticipated. The next big move in the cryptocurrency market is expected to be equally confusing for both the bulls and the bears. The consensus at the moment is on a break below $9k for bearish continuation. The popular accounts on Twitter with large following were instrumental in shifting retail sentiment from bullish to bearish near-term. This is exactly what the market makers wanted and they have Bitcoin traders exactly where they wanted them. Meanwhile, both the S&P 500 (SPX) and Dow Jones Industrial Average (DJI) appear to be showing signs of strength despite recent setback. It appears that we would see stocks rally back to last month’s highs before the end of the month. We would then see a potential move lower leaving wicks to the upside as we saw last month. It is therefore important not to be carried away by short-term shifts in sentiment, both bullish and bearish and to remain focused on the big picture. Post fetched from this article