Will Bitcoin fall below $60,000 again? Coldcard Hacking Shock

Bitcoin faces a retest of $60,000 as market 'shakes' from Coldcard hack

▲ Cryptocurrency Hacking ©

Bitcoin (BTC) has been pushed towards $63,000 following the Coldcard wallet hack, while Algorand (ALGO) and Ethena (ENA) have maintained recent gains but are at risk of further decline due to major resistance levels.

According to investment media FXStreet on August 3 (local time), Coinkite's Bitcoin-specific hardware wallet, Coldcard, recently suffered a hack, resulting in the theft of approximately 1,367.05 BTC. The estimated damage is about $88.6 million, and approximately 4,585 addresses were affected. Multiple attacks targeting firmware vulnerabilities have increased concerns about the industry's cold storage security model. On the other hand, the easing of geopolitical instability came as U.S. President Donald Trump canceled an attack on Iran after agreeing to fully reopen Iran's nuclear program and the Strait of Hormuz.

Bitcoin continued its short-term bearish trend, falling to approximately $63,000. The price remained below both the 50-day exponential moving average (EMA) of $64,660 and the 200-day line of $74,291. The Relative Strength Index (RSI) declined near 45, and the Moving Average Convergence Divergence (MACD) moved below the signal line, entering negative territory. If selling pressure continues, the price could fall to $60,000 and then to the previous low of $58,115. Conversely, closing a daily candle above $64,660 is necessary to alleviate short-term downward pressure and open up the possibility of a recovery towards $74,291.

Algorand rose 8% the previous day but saw a slight decline on Monday, remaining below the 50-day line of $0.0871 and the 78.6% Fibonacci retracement level of $0.0862. A decisive break above this resistance zone could lead to a recovery to the 50% Fibonacci retracement price of $0.1027. The RSI was slightly above the neutral line at 53, and the MACD crossed above the signal line, but it is still closer to a technical rebound than a trend reversal. If a correction resumes, the key support level will be around the all-time low of $0.0757.

Ethena traded above the 50-day line of $0.0847 but was blocked by the long-term downtrend line of $0.0905. The RSI was above the neutral line at 55, and the MACD showed a bullish cross, suggesting that selling pressure has somewhat weakened. However, a clear bullish reversal requires a break above $0.1000, after which the 200-day line of $0.1409 is expected to act as a key resistance. A daily close below $0.0847 increases the likelihood of retesting recent lows.

The cryptocurrency market is showing mixed sentiment, with the negative news of the Coldcard hack conflicting with the positive news of easing U.S.-Iran tensions. Bitcoin faces an increased risk of retesting $60,000 based on technical indicators, while Algorand and Ethena are maintaining short-term rebound trends. However, analysis suggests that it is too early to consider the current uptrends of both altcoins as clear trend reversals, as they have not broken through major resistance levels.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*