Just a few days ago, I explained why I was taking profits on my Bitcoin longs near $66,000, closing my Ethereum position, and stepping aside from SUI after its sharp rally. The market was approaching a major resistance zone, while the broader technical structure continued to suggest caution rather than aggressive optimism.
You can read the full analysis here:
https://open.substack.com/pub/edofarina/p/urgent-market-update-why-i-closed?r=61pac1&utm_medium=ios
Yesterday's sell-off has brought more confirmations. The decline was also fueled by news surrounding a serious security vulnerability affecting COLDCARD hardware wallets, where a flaw in the random number generation used to create private keys reportedly allowed attackers to drain funds from affected wallets.
This was one of the worst hardware wallet failures in Bitcoin history because, for the first time, hundreds of users reportedly lost access to their funds without any evidence of user error. There was no leaked seed phrase, no phishing attack, and no compromised computer, but a catastrophic vulnerability. In just 25 minutes, 594 BTC was drained from roughly 500 air-gapped wallets. These wallets had never connected to the internet. Investigators later discovered that another 488 BTC had been stolen through the same attack months earlier without anyone noticing. In total, more than 1,000 BTC disappeared.
Bitcoin is now backfilling the liquidity that was left behind during the sharp impulsive sell-off, which is a normal part of market structure. Fast moves often leave inefficient price action behind, and markets frequently revisit these areas before deciding on their next major direction. The market is simply clearing the resting liquidity that was left behind during the initial sell-off.
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In the rest of this article, I explain:
Why I believe Bitcoin is still likely to revisit $61,700.
The $59,000 level that could trigger a genuine black swan event.
Why Ethereum still looks vulnerable to $1,800.
The exact price levels I’m watching before deploying fresh capital.
How I’m positioning my portfolio during this correction.
XRP Update
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