The cryptocurrency market faced major shifts following the Bybit exchange hack. In the meantime, BGB is showing signs of recovery after a prolonged downturn.
Crypto Market Condition Post-Hack
The recent incident involving the Bybit exchange hack, which resulted in a $1.4 billion loss in ETH, has significantly impacted the crypto market. Liquidations worth $566 million have been observed in the last 24 hours. The global market cap decreased by 1.98% to $3.17 trillion, despite a surge in trading volume to $132.28 billion.
BGB's Bullish Prospects
Bitget Token (BGB) is undergoing a correction after a remarkable rally. The bullish trend elevated its price to an all-time high of $8 in December, but the market correction in January saw it lose the crucial $7 mark and enter a downward trajectory. As of now, BGB is trading at $5.01, showing a 3.21% increase in the past 24 hours. Despite recent gains, the token is down 5% and 29% on weekly and monthly charts, respectively.
Technical Analysis: Support and Resistance
According to technical analysis, BGB has found key support at the $4.30 level, leading to a breakout from its descending channel. If the current trend continues, a retest of the $5.50 resistance level is possible, with potential consolidation towards $6.55. RSI and the MACD indicators support the bullish reversal. The RSI steadily climbs from oversold territories, while the MACD signals positive shifts, potentially leading to movement above the signal line.
Current market conditions and technical indicators suggest opportunities for a bullish reversal for BGB. However, should the trend reverse and drop below $4.30, further decline to $4.0 is possible.
