Bitcoin Unshaken by Coinbase Breach, Holds Strong at Key Level

The last couple of days have been the same story. Bitcoin continues to consolidate and battle the key level of $104K, while altcoins have undergone a broader pullback. This shift has seen Bitcoin dominance rise by nearly 2.5% over the same period. Major names like Ethereum, Solana and Ripple have corrected by 7–10%, reinforcing the idea that the market remains very much Bitcoin-driven. The sparks of altseason we saw last week are still just that—sparks, not yet a sustained rotation.

Powells speech

Fed Chair Jerome Powell’s latest remarks at the Foreign Bankers’ Association meeting added a layer of macro uncertainty to an already cautious market. He noted that “longer-term interest rates are a good deal higher now, driven largely by real rates given the stability of longer-term inflation expectations”. This suggests the Fed sees less reason to cut aggressively even if inflation cools, which is a headwind for risk assets. Powell also warned that renewed supply-side shocks—like tariffs—could complicate policy further. The takeaway? The Fed isn’t eager to pivot anytime soon, and that’s being reflected in how macro-sensitive Bitcoin has behaved over the last week.

Coinbase Hacked:

It’s been a turbulent week for Coinbase. The company surged nearly 30% earlier in the week, becoming the first and only crypto-native firm included in the Fortune 500. But the rally has since faded, with the stock falling 7.2% today after news broke of a security breach. Coinbase disclosed that hackers accessed internal documents and customer account data—impacting less than 1% of monthly transacting users. The data was then used to execute targeted phishing scams, which were reportedly successful. Coinbase has pledged to reimburse all affected users, with total damages estimated between $180–400 million. While no private keys, funds, or passwords were compromised, the breach underscores the persistent vulnerabilities even among crypto's most established players.

Stormrake Spotlight: Bittensor (TAO) ($438)

TAO was not immune to yesterday’s altcoin-wide pullback, falling 4% and hitting an intraday low of 8.3%. Bulls, however, stepped in quickly, attempting to reclaim the CPR support level at $440. This zone remains pivotal for maintaining short-term momentum. While the structure is still intact above $390, further downside isn’t out of the question. That said, any deeper correction should be seen as a reload opportunity, not a reversal.

BTC/USD Key Levels and Price Action:

Bitcoin is currently stuck in a tight range between the CPR support at $101.8K and the key resistance at $104K. Price structure and momentum both remain neutral. A confirmed breakout above resistance opens the door to a retest of all-time highs. Conversely, a breakdown below support could see BTC revisit the psychological $100K level. Still, the concentration of support just below the current range suggests that the path of least resistance remains higher.

BTC Total ETF Flows for 15 May: - 294.8 million

*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

Create a brokerage account today

No Advice Warning

The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.

Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.

Disclaimer

All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.