The rate of the Bitcoin dropped to $ 31.7 thousand. At what point can the decline slow down and in which case the market will return to growth?.
On Monday, June 21, the bitcoin rate fell to a local minimum of $ 31.7 thousand.
Over the past 10 days, the cryptocurrency has fallen in price by almost $ 10 thousand. The last wave of decline began after negative news from China.
Over the past two weeks, four provinces have imposed mining bans , and today local banks have begun blocking digital asset transactions .
The price of bitcoin will continue to decline as there is no strong fundamental news on the market, explained Anton Kravchenko, CEO of Xena Financial Systems.
He named the next level of support at $ 28 thousand, then $ 23 thousand. The expert believes that now is not the best time to buy cryptocurrency.
Globally, financial markets will be under pressure due to the recent Fed meeting, which indicated a tendency to tighten monetary policy in the long term, added Yuri Mazur, head of data analysis at CEX.IO Broker. He suggested that the $ 30K level for bitcoin might not hold up.
“Don’t panic and talk about a long-term downtrend prematurely. However, fixing the weekly price below $ 30 thousand will indicate a shift in the trading range towards $ 20-25 thousand, ”Mazur warned.
He called the most reasonable option to wait for the final clarity on the asset, and only after that make a decision to buy or sell.
Now the cryptocurrency market may be in the accumulation stage using the Wyckoff method, added Cryptorg.exchange CEO Andrey Podolyan. In his opinion, while many sell in panic, large players are accumulating volume.
“Now we can be approximately at the point from which long-term growth will begin. The critical point for bitcoin may be $ 30,000, and resistance – $ 36,000, ”explained Podolyan.
The decline in the price of bitcoin does not cause an increase in open interest, which indicates that market participants have no desire to increase sales, while each strait of prices is bought out by investors, said leading analyst at 8848 Invest Viktor Pershikov. He suggested that this situation indicates a possible start of price recovery in the foreseeable future.
“In the near future we may see an attempt to break through the $ 30 thousand level, which may become the final price reduction.
After that, I am counting on another consolidation in the area of $ 28- $ 30 thousand and so far I do not see further prospects for a fall.
Bitcoin is in the final phase of price correction, the general trend remains bullish, and it only takes time for Bitcoin to start growing, “Pershikov predicted.
He concluded that capitalization growth could begin at the end of the summer.
