Bitcoin Weakens Near $63K Amid Coldcard Wallet Hack and Geopolitical Shifts

Bitcoin edges lower toward the $63,000 mark as bearish momentum builds, accompanied by a major Coldcard wallet security breach and mixed macroeconomic sentiment.

Cryptocurrency markets started the week on a subdued note, with the pioneer digital asset facing renewed downward pressure. Bitcoin prices have drifted lower, slipping toward the $63,000 region as bearish sentiment reasserts itself across the broader trading ecosystem. Market participants remain cautious amid a mix of cybersecurity incidents and evolving geopolitical headlines.

 

Coldcard Wallet Hack Shakes Confidence

Security concerns came to the forefront following a major exploit targeting Coldcard, a Bitcoin-only hardware wallet developed by Coinkite. The security breach resulted in the loss of approximately 1,367.05 BTC, valued at roughly $88.6 million, and impacted around 4,585 user addresses. Multiple waves of attacks exploiting underlying firmware vulnerabilities have reignited industry-wide debates regarding the safety and reliability of cold-storage asset management.

 

Technical Indicators Signal Continued Caution

From a technical perspective, Bitcoin maintains a weak near-term bias. The asset continues to trade below its 50-day Exponential Moving Average (EMA), situated near $64,660, and remains well depressed beneath the 200-day EMA positioned around $74,291. The loss of these key moving averages as overhead barriers implies that any short-term price rallies remain purely corrective in nature.

 Momentum indicators further underline the lack of buying enthusiasm. The Relative Strength Index (RSI) hovers near 45 with a downward slope, while the Moving Average Convergence Divergence (MACD) has slipped into negative territory after crossing below its signal line. Together, these metrics point to persistent selling pressure and an absence of strong bullish catalysts.

 

Key Price Support and Resistance Levels

Looking at the downside trajectory, the path of least resistance points toward the round figure of $60,000, aligning closely with the previous swing low of $58,115. On the topside, immediate resistance is established at the 50-day EMA near $64,660. A confirmed daily close above this threshold would be required to alleviate immediate downside risks and potentially pave the way toward the 200-day EMA.

 

Altcoins Algorand and Ethena Sustain Short-Term Gains

While Bitcoin struggles, select altcoins have managed to buck the broader trend. Algorand (ALGO) and Ethena (ENA) have sustained gains over the past 24 hours, emerging as top performers despite remaining capped below crucial overhead barriers. Algorand shows mild technical improvement with its RSI sitting just above the midline at 53, though primary support rests near the Fibonacci anchor at $0.0757.

 Similarly, Ethena trades above its 50-day EMA at $0.0847 but faces strong resistance near the descending trendline at $0.0905 and the 200-day EMA at $0.1409. While mild constructive momentum keeps sellers somewhat in check, market analysts emphasize that a confirmed breakout above key resistance zones is necessary to signal a true trend reversal rather than a temporary bounce.

What this means for you
For crypto investors: Heightened market volatility and weak technical indicators suggest traders should exercise caution and strictly manage risk levels.

Questions & Answers

1. What price level is Bitcoin slipping toward?
Bitcoin is sliding toward the $63,000 region amid resurfacing bearish momentum.

2. How many Bitcoins were stolen in the Coldcard wallet hack?
Approximately 1,367.05 BTC were stolen in the security breach.

3. What was the estimated value of the stolen Bitcoin?
The stolen funds were worth about $88.6 million and affected around 4,585 addresses.

4. Which altcoins sustained their gains over the last 24 hours?
Algorand (ALGO) and Ethena (ENA) emerged as top-performing altcoins sustaining their gains.

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