#Bitcoin hit a new all-time high of 11,347 #dollars today. We are currently #trading a bit below the highs at $8,250 dollars per #coin. Earlier in the day there was a large dip to $7,769 dollars on news about #Tether being hacked. The company issued a post (later removed) in which they say that they will do a software update to prevent the stolen tethers from ‘entering the ecosystem’. This helped to calm market fears and prices were soon trading at all-time highs again.
Tethers are a digital currency used on many crypto #exchanges, so it’s not a surprise to see a large fall in #BTCUSD (and LTC/USD) on this news. Some market observers following the creating/redemption of Tethers say that there is a clear connection with the price of bitcoin.
Back to the charts! With the break of the $7,887 level #BTC is back in an #uptrend on the daily charts. To end it the #bears will have to push bitcoin below the $5,426 swing low. A decisive breakdown below here would shift the current trend from up to down. On the longer-term weekly and monthly charts BTC/USD is still looking bullish.
Read also about #LTCUSD on our blog: