FX.co ★ Technical Analysis of BTC/USD for August 25, 2023

Crypto Industry News:

The FBI has issued a statement warning that North Korean hackers may be trying to sell over $40 million worth of bitcoins. US services warn of potential sale of 1,580 bitcoins worth USD 40 million. North Korean hackers would be behind it. Therefore, the FBI calls on both the public and private sectors to remain vigilant.

Hackers from the Lazarus Group and the APT38 group are behind the aforementioned 1,600 BTC. To help police the movements of criminals, the FBI has released six bitcoin addresses that are associated with the aforementioned funds:

3LU8wRu4ZnXP4UM8Yo6kkTiGHM9BubgyiG

39idqitN9tYNmq3wYanwg3MitFB5TZCjWu

3AAUBbKJorvNhEUFhKnep9YTwmZECxE4Nk

3PjNaSeP8GzLjGeu51JR19Q2Lu8W2Te9oc

3NbdrezMzAVVfXv5MTQJn4hWqKhYCTCJoB

34VXKa5upLWVYMXmgid6bFM4BaQXHxSUoL

The FBI points out that hacking groups from the Democratic People's Republic of Korea (DPRK) are behind many attacks on the cryptocurrency market. In particular, the agency noted:

"DPRK affiliates are responsible for several high-profile international attacks against cryptocurrency [exchanges], including the theft of $60 million worth of virtual currency from Alphapo on June 22, 2023; the theft of $37 million worth of virtual currency from Coinspaid on June 22, 2023; and the theft of $100 million worth of virtual currency from Atomic Wallet on June 2, 2023."

The FBI also repeated the findings of the United Nations (UN), which noticed an increase in the activities of hackers from North Korea in 2023. They are increasingly involved in attacks aimed at stealing cryptocurrencies. Cyberattacks do not only affect entities operating in the US. Reports indicate that hackers from the DPRK stole USD 721 million worth of cryptocurrency from Japanese entities between 2017 and 2022.

Technical Market Outlook:

The BTC/USD pair had bounced from the low made at the level of $25,367 and the local bounce high was made at the level of $26,779. The bounce was faded quickly and now the BTC is back inside the old trading range, hovering just above the 50 MA level. The level of $25,560 will now act as the technical support, but the key short-term technical support is seen at the level of $24,753. The momentum is back under the level of fifty, so the host-term outlook is bearish again.

Weekly Pivot Points:

WR3 - $26,439

WR2 - $26,243

WR1 - $26,125

Weekly Pivot - $26,047

WS1 - $25,929

WS2 - $25,851

WS3 - $25,655

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.