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Since January 31, Bitcoin (BTC) has experienced a significant correction, with the leading cryptocurrency plummeting as much as 27.52%. Currently valued around $79,000, Bitcoin’s price is precariously balanced above a crucial support level dubbed as “the magic line,” which is set at $74,000, pivotal in determining the market’s trajectory—bullish or bearish. A Historical Buffer Against Bear Markets In a recent social media post on X (formerly Twitter), market expert Doctor Profit emphasized that “the magic line” placed at $74,000 in his analysis is not just a number but a key indicator of market sentiment. Related Reading: Charts Reveal Cardano Holds Key Support Zone – Staying Above Could ‘Set The Next Move’ According to the expert, this line has historically acted as a buffer against bear market conditions. For instance, during the 2020 market correction, Bitcoin held above this support level until a bear market was confirmed. Doctor Profit asserts, “A massive correction, even 30-50%, does NOT mean a bear market.” This market volatility is exacerbated by fears of a recession, driven in part by President Donald Trump’s aggressive tariff policies targeting countries like China, Canada, and Mexico. These actions have ignited concerns over a potential trade war, further dampening investor sentiment and leading to a retreat from riskier assets, including cryptocurrencies. However, BTC is not alone in this downtrend. Peers such as Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA), have also followed Bitcoin’s lead in this regard, experiencing 10%, 6%,5% and 6% drops respectively in the 24-hour time frame. Optimal Bitcoin Entry Point Between $52,000 and $60,000? In another recent post on social media platform X, Doctor Profit discussed a possible recession scenario, suggesting that the optimal entry point for investors might be between $52,000 and $60,000. This forecast implies a troubling potential drop of another 34% from $79,000 towards the worst case scenario for BTC’s price at $52,000 if this occurs, heightening concerns among traders and investors alike. Related Reading: Ethereum Holds Strong For Over A Year: Monthly Close Below This Level Could Be Catastrophic Doctor Profit remains vigilant, monitoring not only Bitcoin’s movements but also the stock market’s influence on crypto prices. He has set his sights on a critical short position with a target profit level (TP1) aligning with the magic line. “If Bitcoin bounces hard, I’ll re-enter,” the market expert stated. Doctor Profit concluded his analysis saying that “If it shows weakness, I’ll stay in cash and hunt for lower entries between $50,000 and $60,000.” While finding at least a temporary foothold at the $79,460 mark, the largest digital asset, BTC, is down 14% in the past two weeks, reaching its lowest level since November 2024. Featured image from DALL-E, chart from TradingView.com
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Bitcoin Traders Position for Volatility as Broader Markets Wobble
Caution in the crypto market suggests Bitcoin traders are bracing for turbulence rather than betting on a sustained rally, Decrypt was told. NewsBTC
Massive X Cyberattack: Here’s Who’s Responsible
A widespread outage hit X on Monday which affected users across the world. Many experienced connectivity problems early in the day, with error messages appearing on their screens. Downdetector tracked a peak of 40,000 complaints as the service remained unstable for several hours. A hacker group with alleged Russian ties, known as Dark Storm, has now claimed responsibility for the cyberattack that temporarily crippled the social media platform. Hackers’ IPs Traced to Ukraine Region The attack, identified as a distributed denial-of-service (DDoS) assault, left thousands unable to access the platform before functionality was swiftly restored. Cybersecurity firm SpyoSecure reported that Dark Storm’s leader had announced the attack in a now-deleted Telegram post. Before its removal, the message boasted about taking X offline, with screenshots showing widespread connection failures across multiple locations. While the group’s Telegram channel has been shut down for violating the platform’s policies, evidence of the attack continues circulating online. For instance, Ed Krassenstein, an entrepreneur, and a social media commentator who also happens to be the co-founder of NFT marketplace NFTz.me, weighed in and claimed direct communication with Dark Storm’s leader. According to Krassenstein’s tweet, the hackers described their actions as a show of force rather than an operation driven by political motives. However, Dark Storm’s history suggests otherwise. The group, which has been active since 2023, has a track record of targeting NATO countries and is known for its pro-Palestinian stance. Meanwhile, Elon Musk confirmed the attack in an interview and noted that his team traced the origin of the hackers’ IP addresses to the “Ukraine area” without elaborating any further. Political Firestorm The latest development comes amidst the “Take Down Tesla” movement, as Tesla facilities nationwide have become hotspots for protests and vandalism, fueled by opposition to Elon Musk’s Department of Government Efficiency (DOGE), which has been eliminating government agencies. Demonstrators are reacting to Musk’s political influence within the Trump administration. He has publicly accused five activist groups – Troublemakers, Disruption Project, Rise & Resist, Indivisible Project, and Democratic Socialists of America – of orchestrating the growing wave of demonstrations. The post Massive X Cyberattack: Here’s Who’s Responsible appeared first on CryptoPotato . NewsBTC
