To the upside, the main goal was to capture the $97.2K–$98.5K zone and close above it decisively. If that happened, $100K would become an immediate and relatively easy target.
Bitcoin reached the target, but what we didn’t account for was thebiggest hack in crypto history happening this past Friday, the 21st—an event with unexpected consequences for both bulls and bears. Let’s take a look at where this situation is driving Bitcoin.
Bear Market News, Bullish Response.
What we saw on Friday, beyond the circumstances of a hack triple the size of Mt. Gox, was yet another stress test for the crypto ecosystem. More importantly, it showed how this space is becoming increasingly skilled at crisis management and damage control.
It’s rare to see an entire industry join together to keep one of its competitors from collapsing. To put things in perspective, this would be like JPMorgan and Citigroup stepping in to help Bank of America in the TradFi world. In a traditional setting, the uncertainty and turmoil caused by an event like this would have led to trading halts on stock exchanges and frozen bank transactions to prevent a bank run.
And despite the uncertainty, we didn’t see a total market collapse. Just as good news isn’t pumping prices, bad news isn’t triggering major sell-offs either. This month alone, we’ve had memecoin scandals, the biggest liquidation event, and now the largest hack in history—yet Bitcoin is still holding the $95K level. That can only mean one thing: accumulation.
Speedometers indicating the current state of BTC. The full dot represents the current reading and the white dot represents one week ago.
Market sentiment has leaned toward fear—something that, in a bull market, translates to caution among participants. At this stage, it’s not an exaggeration to say that sentiment isn’t what we’d typically expect during a bull market, at least not like it was at this point in the previous cycle.
Fear&Greed Index.
As mentioned before, sentiment isn’t reacting strongly to either good or bad news. This is because market participants have adjusted their expectations—not just regarding potential returns, but also in terms of the narratives that can sustain aggressive, long-term growth.
What we’re seeing now is Bitcoin consolidating for extended periods before breaking out, sweeping out early entrants looking for quick gains—not to mention overleveraged traders trying to time the next major move upward.
That’s not how things are playing out. Every time we see an excessive spike...
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