Bitcoin Slides Amidst Coldcard Hack and Geopolitical Tensions
The cryptocurrency market is experiencing a mixed sentiment due to various factors, including a recent hack and geopolitical tensions.
A Coldcard wallet hack resulted in the theft of approximately 1,367.05 BTC, worth around $88.6 million, affecting about 4,585 addresses. This incident raises concerns over the security of cold-storage models in the industry.
In other news, US President Donald Trump has canceled strikes on Iran after reaching a deal on Iran's nuclear program and the full reopening of the Strait of Hormuz.
Bitcoin (BTC) is currently trading below its 50-day Exponential Moving Average (EMA) at around $64,660, indicating a bearish near-term bias. The Relative Strength Index (RSI) is around 45, maintaining a declining slope, and the Moving Average Convergence Divergence (MACD) has entered negative territory after crossing below its signal line.
The technical indicators suggest that rallies are corrective for now, with the path of least resistance targeting the $60,000 round figure. Initial resistance is located at the 50-day EMA around $64,660, where a daily close above this level would be needed to ease immediate downside pressure.