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- Bitcoin giveaway scam utilized the Indian Prime Minister’s hacked Twitter account.
- The perpetrators tweeted out that the country has adopted BTC as legal tender.
- Government officials in India later stated that the account was compromised and has now been secured.
India’s prime minister, Narendra Modi’s Twitter account was briefly compromised and taken over by hackers to promote a fake Bitcoin giveaway. The perpetrator tweeted, using Modi’s account with over 72.4 million followers, that the country has adopted BTC as a legal tender.
Hackers promote fake Bitcoin giveaway
The Indian prime minister’s office announced that Modi’s Twitter handle was very briefly compromised, and stated that the matter has been escalated to Twitter. Officials added that in the brief period that the account was compromised, any tweets shared “must be ignored.”
Several users shared screenshots of the tweet sent out from the Indian prime minister’s account, which read, “India has officially accepted Bitcoin as legal tender,” and that the government “has officially bought 500 BTC” and aims to distribute the coins to all residents in the country.
The tweet was soon removed as Indian government officials sent out an update on Twitter announcing that the account has been secured.
The Indian government is mulling regulating digital assets while there has been debate on a complete ban of the new asset class. The country does not recognize Bitcoin as legal tender.
Bitcoin price faces heightened indecision
Bitcoin price has formed a symmetrical triangle pattern on the 4-hour chart, suggesting that investors remain indecisive.
Depending on when Bitcoin price slices through the confines of the consolidation pattern, the next directional intentions for BTC will be determined.
The prevailing chart pattern indicates a measured move of 12% to the upside if Bitcoin price breaks above the upper boundary of the triangle. BTC will face resistance at the 50% retracement level at $50,527, then at the 100 four-hour Simple Moving Average (SMA) at $52,299, then at the 61.8% Fibonacci retracement level at $52,552.
An additional headwind may appear at the 78.6% Fibonacci retracement level at $55,425 before Bitcoin price attempts to reach the bullish target with a 12% climb at $56,450, where the 200 four-hour SMA intersects.
BTC/USDT 4-hour chart
The first line of defense for Bitcoin price is at $48,501, where the 21 four-hour SMA and 38.2% Fibonacci retracement level coincide. Additional foothold may emerge at the support line given by the Momentum Reversal Indicator (MRI) at $47,803, then at the lower boundary of the triangle at $46,952.
If Bitcoin price slices below the downside trend line of the prevailing chart pattern, BTC could be vulnerable to a 12% drop towards $41,530.