In this one of the best cryptocurrency news magazine, you will get to know all the weekly updates regarding market. The Singapore-based cryptocurrency exchange Kucoin witnessed a major security breach on September 26 and the hackers siphoned off over $150 million worth of user funds from the hot wallets. Some analyst estimates have suggested that the heist may be to the tune of $280 million.

Grayscale Investments purchased 17,000 Bitcoin last week that has taken its total tally to 449,900 Bitcoin, about 2.4% of the current total coin supply. This shows that even if a few large institutional investors allocate a small percentage of their funds into Bitcoin, the prices are likely to skyrocket.

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Bitcoin is currently range-bound between $9,800 and $11,200. Although the price moved above the 20-day EMA on September 28, the bulls could not sustain the higher levels, which shows that the bears are selling close to the 50-day SMA.

However, the bulls are not allowing the price to dip below the $10,500 level for the past four days. This shows that the bulls are buying on dips while the bears are selling on rallies.

For a trending move to start, either the bulls or the bears will have to establish their dominance. It is difficult to predict the direction of the breakout; therefore, traders should wait for a break above $11,200 or a break below $9,800 to initiate fresh positions.

The flat 20-day EMA and the RSI just below the 50 level also point to a range-bound action for a few days. The price movement inside a range can be volatile and random. Hence, it is difficult to take positional trades unless the price reaches the support or resistance of the range.

If the price drops and rebounds sharply off the $9,800-$10,000 zone, it could offer a buying opportunity. Another possible trade setup will open if the BTC/USD pair breaks out and closes (UTC time) above $11,200. Until then, traders can remain on the sidelines

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