Bitcoin (BTC) Holds Strong at $96K as Bybit Hack Fears Fade, Eyes $106K Breakout

• Bitcoin dipped after reports of a Bybit security breach but held support at $96,000.
• Bybit reassured users with $16 billion in reserves, easing market fears.
• A falling wedge pattern suggests a potential breakout toward $106,000.

Bitcoin (BTC) faced volatility after reports of a security breach at Bybit, leading to a price dip. However, the flagship cryptocurrency remains resilient, holding above the crucial $96,000 support level, suggesting that the market may have overreacted to the news.

Bitcoin recently showed some solid movement, bouncing back from a dip at around $93K and quickly shooting up to hit a high of $99.5K. It looked like the bulls were in control, but the Bybit hack sent shockwaves through the market. The fear it triggered caused BTC to drop, wiping out those gains and adding a layer of uncertainty.

Bybit Hack Sparks Market Fear, But Fundamentals Remain Strong

The sudden downturn came after reports of a Bybit security breach surfaced, triggering short-term panic selling. Despite the concerns, Bybit reassured users that all client assets are 1:1 backed, with the exchange holding a substantial $16 billion in reserves, more than enough to cover any losses. This confirmation helped ease fears, preventing further downside pressure on BTC.

At the time of writing, BTC is trading at $96,624, marking a 2.29% decline over the past 24 hours. The trading volume surged to $57.61 billion, reflecting heightened market activity, while BTC maintains a $1.91 trillion market cap.

Bitcoin (BTC) Holds Strong at $96K as Bybit Hack Fears Fade, Eyes $106K Breakout 4

Bullish Signals Emerging, Bitcoin Rebound to $106K Possible

Despite the sell-off, technical indicators suggest that bulls are still in control. A falling wedge pattern, a historically bullish formation, is currently in play. If buyers continue to defend the $96K support, BTC could see a significant rally toward the next major resistance at $106,000.

Bitcoin (BTC) Holds Strong at $96K as Bybit Hack Fears Fade, Eyes $106K Breakout 5

Market sentiment remains cautiously optimistic, with traders eyeing a potential reversal in the coming sessions. If BTC breaks out of the falling wedge, it could trigger renewed buying pressure, pushing prices higher.

For now, BTC remains at a critical juncture, with bulls holding the line. A decisive move above resistance levels could confirm the next leg of the rally.

Related | Franklin Templeton’s EZPZ ETF Expands Crypto Investment Access