Forflies Crypto

How the Twitter hack could impact Bitcoin’s price

You know the classic “send me one Bitcoin and I’ll send you back two” scam. If Obama’s, Biden’s and Musk’s official Twitter accounts say that, you also know that they got hacked – and that’s what happened last night. In front of the combined tens of millions of followers, Bitcoin once again demonstrated that it is the perfect vehicle for funds to be moved (almost) anonymously. For someone who’s already critical about Bitcoin, this will put them off even more.

Very often, dumps tend to get associated with the news, even if the charts show an entirely different situation. Even now, the Twitter hack might not be what pushed BTC lower by some 2%, but it could instead be caused by the upper trend line of the descending channel Bitcoin has been trading in since the beginning of June. Nonetheless, if Bitcoin dumps tomorrow, I wouldn’t be surprised to see the media label it as the result of the Twitter hack.

Whatever it may be, we’re currently seeing Bitcoin slide lower and lower. This is nothing new, but very often when Bitcoin just keeps sliding lower, it results in one massive dump. Such a dump could, if the 8,600 dollar support fails, take Bitcoin all the way to 7,800 dollars or below – and that’s an amazing opportunity if short on leverage.