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$10K Bitcoin Shows Resiliency Facing BitMex Drama, KuCoin Hack, And Now This

Bitcoin 2020/10/02 19:00 by Tony Spilotro

Bitcoin price is currently back over $10,500, holding on after a brief crash to under $10,400 on the heels of several pieces of extremely negative news. The recent news normally would be enough to send the crypto market collapsing, highlighting just how resilient support at $10,000 has been so far.

Bitcoin Price Holds Strong At $10,000, Showing Resiliency in Face Of BitMEX Case, KuCoin Hack

Bitcoin price may have fallen 20% from 2020 highs, but the cryptocurrency remains firmly above the key support level of $10,000. This level acted as resistance throughout the 2019 bear market and was a key FOMO trigger on the way up in 2017.

Once the cryptocurrency passed back below it in 2018, however, it spent very little time in its price history above it. Until now.

Bitcoin has now spent the last two months above the pivotal resistance level turned support, and it has shown incredible resilience in the face of negative news that would normally send the asset’s price tumbling.

Yesterday, news broke that the CTO of BitMEX was arrested and the rest of the team hit with a number of charges by the CFTC and United States Department of Justice. The widely known cryptocurrency derivatives trading platform is notorious across the market for liquidating “rekt” traders who lose their Bitcoin in the process.

Related Reading | Bitcoin Slips $400 as CFTC Charges BitMEX Over Derivatives Violations

The company’s CEO has also played the role of villain well, facing off against Dr. Doom Nouriel Roubini that only put a spotlight on Hayes’ brazen and bold attitude toward regulation.

Popular cryptocurrency exchange KuCoin was also hacked for millions in crypto, mostly ERC20 tokens, and there was barely a blip in Bitcoin’s price chart between them.

A fall of about $400 in total came from the news, and then another shocking twist happened, which the crypto asset has also held up surprisingly well from.

 bitcoin btcusd 10000 support

BTCUSD Daily Holding Strong After Several Negative News Events | Source: TradingView

Not Even US President Trump Catching COVID Could Take Down The Crypto Asset

Overnight and into the early morning, it was revealed that United States President Donald J. Trump and his wife Melania had a confirmed positive test for COVID. Stock market futures fell at the news, and so did Bitcoin.

Gold skyrocketed back above $1900 an ounce at the news, and eventually, Bitcoin began to follow. The cryptocurrency is once again trading above $10,500 after the news of the President falling victim to the pandemic barely caused a quick $100 dip.

Related Reading | Bitcoin, Dow Futures Slid As Trump Tests Positive for COVID-19

It is not clear what is suddenly causing this incredible strength and resiliency in support at $10,000, but after this recently monthly and quarterly close, bulls could be too confident in upside to let the support level slip once again.

Featured image from Deposit Photos, Chart from TradingView

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