Yesterday crypto markets dropped following reports that leading cryptocurrency exchange Binance had been hacked. However, the impact of the developments is minimal, and Bitcoin (available on Coinbase) price managed to hold steady at more than $5,800, continuing the upwards trend towards the $6,000 mark.

BTC Holds Above $5,800

A popular analyst has projected that if BTC continues with the upward momentum, its price could soon hit $7,000—a definitive sign that the bullish run has already begun. Currently, Bitcoin (available on Coinbase) price is up marginally at $5,980 after the daily low of $5,800 occurred moments before the Binance hack news was announced.

Because the hack was limited and Binance quickly reimbursed all accounts affected, Bitcoin (available on Coinbase) price didn’t suffer too much from the news of the hack. In the past week, BTC has been on an upward momentum from lows of $5,400, and it only dropped slightly following the news from its weekly high of $6,000 that was set yesterday.

Analysts consider the muted reaction of Bitcoin (available on Coinbase) price to the Binance hacking news and the recent Bitfinex and TETHer fiasco as a bullish sign, sentiments that are equally shared by many investors and traders.