Bitcoin price is recovering higher above the $94,000 level. BTC is consolidating and aims for a fresh increase above the $97,000 level.

• Bitcoin started a fresh increase from the $91,000 zone.
• The price is trading above $95,000 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support at $95,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if it clears the $97,000 resistance zone.

Bitcoin Price Recovers Losses

Bitcoin price found support near the $91,000 zone. BTC formed a base and started a fresh increase above the $93,500 resistance zone. The bulls were able to push the price above the $95,000 resistance zone.

The price surpassed the 50% Fib retracement level of the downward move from the $98,880 swing high to the $90,735 low. There is also a connecting bullish trend line forming with support at $95,750 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $95,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $97,000 level. It is near the 76.4% Fib retracement level of the downward move from the $98,880 swing high to the $90,735 low.

The first key resistance is near the $98,000 level. A clear move above the $98,000 resistance might send the price higher. The next key resistance could be $99,200. A close above the $99,200 resistance might initiate more gains. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $102,000 level.

Another Drop In BTC?

If Bitcoin fails to rise above the $97,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $95,750 level.

The first major support is near the $95,000 level. The next support is now near the $93,000 zone. Any more losses might send the price toward the $91,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $95,750, followed by $95,000.

Major Resistance Levels – $97,000, and $98,000.

Australian Fortnite YouTuber SerpentAU, once celebrated for his exceptional in-game skills, now finds himself at the center of a significant crypto fraud scandal.

Blockchain investigator ZachXBT revealed that SerpentAU, whose real name remains undisclosed, played a major role in a $3.5 million theft scheme executed through meme coin scams. This marks a dramatic fall from grace for the former esports talent who was dropped from Overtime Gaming in 2020 following cheating allegations.

From Gaming Scandal to Crypto Fraud

ZachXBT’s detailed investigation highlights SerpentAU’s involvement in multiple account takeovers (ATOs). The YouTuber targeted high-profile entities, including McDonald’s, Usher, and the creator of the Kabosu meme coin.

“Over the past few months, I have been tracking a series of related compromises for McDonald’s, Usher, Kabosu Owner, Andy Ayrey, Wiz Khalifa, SPX 6900, etc on X & IG which has resulted in an estimated $3.5M+ stolen via launching Pump Fun meme coins,” the blockchain sleuth said.

These compromised social media accounts served to promote fraudulent cryptocurrencies, leading unsuspecting followers to invest heavily. For instance, the McDonald’s Instagram hack alone netted over $690,000 for scammers. The bad actor funneled the funds through blockchain wallets connected to SerpentAU.

Using timing analysis and on-chain tracking, ZachXBT linked funds from these swindles to gambling platforms like Stake and Roobet. SerpentAU reportedly wagered millions on these platforms. In one instance, a leaked Discord screen share revealed Serpent making high-value deposits and withdrawals tied to wallets implicated in the scams.

SerpentAU first gained notoriety in 2020 after being exposed for using macros, software tools that enabled unfair advantages in Fortnite’s Creative mode. Despite expressing remorse and attributing his actions to a lack of understanding of their severity, his career trajectory took a darker turn.

By 2022, SerpentAU had co-founded NFT (non-fungible token) and cryptocurrency projects such as DAPE and ERROR. Both of these projects collapsed amid accusations of fraudulent activity. These ventures set the stage for his deeper entanglement in blockchain-based scams.

As the details of SerpentAU’s involvement emerge, the repercussions extend beyond crypto. Victims of the scams are left grappling with significant financial losses. The esports community must confront the ethical lapses of one of its former stars. In an ironic twist, Serpent’s early apology for cheating in Fortnite included a plea for understanding.

“My actions were blurred by the money, influence, and experiences I was having,” SerpentAU had said.

These words now echo as a grim foreshadowing of his trajectory into crypto fraud. The case serves as a stark reminder of the changing nature of online fraud.

The role of social media platforms as conduits for malicious actors also becomes apparent. As ZachXBT continues to unravel the full scope of these schemes, the crypto and gaming communities reckon with the cost of misplaced trust in influential figures.

Meanwhile, this is not ZachXBT’s first major investigation. The blockchain sleuth has previously exposed significant frauds, including phishing scams targeting Coinbase users. He also revealed meme coin manipulations involving prominent figures like influencer Murad.

His work also led to the arrest of hackers linked to Genesis Trading creditors. Some also prompted the resignations of key figures in OpSec Williams after allegations of fraud came to light. ZachXBT’s consistent focus on uncovering deceit within the crypto ecosystem reflects the broader risks investors face.