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Bitcoin Price Makes U-Turn, Adding $500 After Upbit Hack

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  • Alex Dovbnya
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    The Bitcoin price made an unexpected move that resulted in a lot of pain for those who shorted the Upbit drop

Bitcoin Price Makes U-Turn, Adding $500 After Upbit Hack
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The crypto king has played traders like a fiddle once again.

On Nov. 27, nearly $50 mln worth of Ethereum was ransacked from UpBit, one of the biggest South Korean cryptocurrency exchanges. After an initial drop to the $6,800, the price made a sharp move in the opposite direction, reaching an intraday high of $7,299. At press time, BTC is changing hands at $7,265, according to CoinStats data.

Bitcoin Price
image by coinstats.app

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Well-known crypto trader posted a rare tweet to pour some salt on the wounds of those who sold Bitcoin because of the fake Upbit dump and missed out on substantial gains.

Meanwhile, VanEck's Gabor Gurbacs states that the most recent Bitcoin price pump proves that the top coin can indeed act as the safe-haven in the crypto space. 

"Daniel" believes that it's traders who drive Bitcoin prices. Anyone who thinks that the crypto market is primarily influenced by news could lose his or her money. 

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Speaking of Bitcoin's next move, Bitcoin needs to breach the $7,500 mark to see more fireworks, according to trader "Galaxy." 

As reported by U.Today, Galaxy Digital CEO Mike Novogratz opined that Bitcoin needed to breach the aforementioned level in order not to get trapped in the $6,000-$7,400 range once again.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls

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  • Alex Dovbnya
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    The Bitcoin price could soon touch $7,800 if bulls persist, but this move could be a short-lived one

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls
Cover image via u.today

Popular crypto trader Wendy O recently predicted that the price of Bitcoin would "rocket up" if it managed to surge above the $7,400 level. 

Bitcoin Price
image by @CryptoWendyO

Shortly after that, the BTC price did rise above the aforementioned level, currently sitting at $7,444, according to CoinStats data

Bitcoin Price
image by coinstats.app

If the aforementioned forecast turns out to be accurate, Bitcoin traders could soon see another fakeout, which would be similar to the one that took place on Dec. 4. As reported by U.Today, BTC printed a massive green candle in less than a minute, but this unexpected pump quickly evaporated.     

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Earlier today, multiple traders predicted that Bitcoin was about to make a big move in either direction, but $7,800 seems to be the main area of interest for them. The leading cryptocurrency hasn't touch this level since Nov. 30. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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