Bitcoin prices experienced a sell-off over the weekend because hackers who stole about $600 million from the now defunct FTX Exchange decided to sell their assets. Although BTC fell sharply over the weekend due to insufficient market liquidity, it is still possible to recover and rebound. FTX exploiters made bold moves at the weekend, which triggered the market sell-off. If the price of Bitcoin (BTC) can rebound from the support level of $15550, it may cause an 18% rise to $18784.

FTX exploiters and smart plans

FTX attackers have been very active in the past 48 hours after stealing nearly 600 million US dollars worth of cryptocurrency from FTX on November 12. Hackers seem to be using encryption bridges and dispersion pools to clean up the used funds.

Peckhiled alarm showed that the 1990 USD ETH worth 2.4 million USD was converted into 140.03 renBTC worth 2.32 million USD. This move caused a great panic over the weekend, and so far triggered a 10% slump in ETH.

From the perspective of transaction, developers can take advantage of panic by shorting positions before changing ETH into BTC. Hackers currently hold approximately 2444.55 BTC, valued at nearly $40 million.

The stolen funds can be exchanged for different assets, so that the exploiters can obtain the maximum price change, that is, profits. However, doing so on weekdays is unlikely to help hacker cases because of the high liquidity. Therefore, traders need to be extra careful on weekends and be wary of selling again.

From the overall perspective, the price of Bitcoin has not changed

Bitcoin prices are marking the lower limit of the downward wedge pattern reported on November 18. Since the support level of $15550 coincides with the setting, the rebound may be a case, especially if the hacker does not take big action.

As discussed in the previous weekly report, BTC's plan has not changed. Bullish deviation is still playing a role, which may trigger an 18% rise to US $18784. Due to the highest transaction level of USD 19,150 in 2022, the price rise of Bitcoin may be limited.

Only by breaking through these barriers and forming a decisive three-day candlestick above US $20560, can we break through the downward wedge. Since the technology is predicted to rise by 55%, investors need to be prepared for the long-term trend that the price of Bitcoin may rise slowly but steadily to 32,191 dollars.

Investors should note that the 55% increase in the price of Bitcoin is based on a large number of long-term attempts to "if", and should be reserved.

BTC/USDT 1 Daily Line Diagram

ending

Although the price prospect of Bitcoin is trying to remain optimistic, the behavior of FTX exploiters may make technical aspects meaningless. Turning the support level of $15550 into a resistance level (preferably on a three-day or weekly chart) will invalidate the bullish outlook. In this case, there is a high probability that the price of Bitcoin will extend from $13575 to a macro bottom of $11898.