Crypto Industry News:
September 2023 has officially become the worst month for cryptocurrencies to date in terms of attacks and thefts - with a whopping $329.8 million in stolen cryptocurrencies.
On October 2, blockchain security company CertiK reported that the biggest contributor to this month's losses was the attack on the Mixin Network on September 23. $200 million was lost following a breach of the Hong Kong-based protocol for decentralized, cross-chain transfers cloud services.
Other major incidents this month included attacks on the CoinEx exchange and the Stake.com website, which resulted in losses of $53 million and $41 million, respectively.
According to reports, the North Korean hacking group Lazarus Group is responsible for both attacks. According to the latest data from Dune Analytics, this group currently has cryptocurrency assets worth $45.6 million.
These attacks brought the total amount of cryptocurrencies lost to attacks in 2023 to $925.4 million. July was the second highest month for losses from attacks, with $285.8 million stolen.
Meanwhile, over the past month, $1.9 million was lost to exit scams, $400,000 to flash loan attacks and another $25 million to phishing attacks, according to data from CertiK.
Total losses from attacks, fraud and intrusions in 2023 now stand at $1.34 billion.
According to blockchain security firm Beosin, total losses from hacks, phishing scams and exit scams were just under $890 million in the third quarter of 2023.
Losses in the third quarter even exceeded the first two quarters' total, which was $330 million in Q1 and $333 million in Q2, Beosin reported last week.
Technical Market Outlook:
The BTC/USD pair has tested the key short-term technical resistance located at the level of $28,608 and reversed lower after hitting the upper channel line during the extremely overbought market conditions on the H4 time frame chart. The next target for bulls is seen at the level of $28,687 and $28,800, however, currently it is a time for a correction. The intraday technical support is seen at $27,299. The strong and positive momentum supports the short-term bullish outlook for BTC, but currently is testing the neutral level of fifty. Any breakout lower would likely extend the down move on BTC towards the level of $26,909 (100 MA).
Weekly Pivot Points:
WR3 - $28,708
WR2 - $28,340
WR1 - $28,158
Weekly Pivot - $27,972
WS1 - $27,790
WS2 - $27,605
WS3 - $27,237
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.
