Wednesday, May 29, 2024

Where Will Bitcoin Start Moving After The Collapse?

Experts have named the conditions under which the first cryptocurrency will be able to exceed $ 50 thousand in the near future and continue to grow to new highs.

In the evening of September 7, the bitcoin rate fell sharply to $ 42.8 thousand. The first cryptocurrency fell by $ 8.5 thousand in an hour and a half.

On September 9, Bitcoin is traded at $ 46.2 thousand. Bitcoin will be able to return to growth and rise above $ 50 thousand again.

Day resistance

Intraday resistance is located in the area of ​​$ 46.5 thousand on the bitcoin chart, says Andrey Podolyan, CEO of Cryptorg.

In Podolyan opinion, there is a high probability that today Bitcoin will overcome this level and move on to testing the next resistance, which is at around $ 48,000.

“If bitcoin reaches $ 48 thousand today, it is likely that by the end of the week it will also touch $ 50 thousand.

It is extremely important for the bulls to end the week above $ 50 thousand,” Podolyan explained.

To continue the decline in the value of bitcoin, “bears” need to return the rate to $ 45.5, the expert predicted. He added that in this case, the cryptocurrency will continue to fall in price to $ 41 thousand.

Podolyan called the collapse of quotations on September 7 a sharp correction on the way of bitcoin to new highs.

“The market needs to“ dump ballast ”on the way to new heights,” the expert summed up.

Key level


With the recovery of the bitcoin price to $ 50 thousand, the bulls faced serious resistance at the level of $ 47.5 thousand, according to NewsBTC analyst Ayash Jindal.

According to Jindal, further growth of the main cryptocurrency is possible only if the quotes overcome this resistance level and the bulls can gain a foothold above $ 47.5 thousand.

In this scenario, the next important resistance for bitcoin will be the $ 48.5 thousand mark. Jindal added.

In case of an unsuccessful attempt to overcome resistance, Bitcoin may begin to decline to the first support level, which is in the region of $ 44.8 thousand, the analyst explained.

If this level is broken, the price of the main cryptocurrency will continue to decline to $ 43 thousand, Jindal emphasized.

Continuing recovery

In the near future, Bitcoin is expected to recover to $ 50 thousand, says Maria Stankevich, Development Director of the EXMO crypto exchange.

According to Maria, then, in order to continue the rapid growth of the main cryptocurrency, it will be necessary to break through the level of $ 51.3 thousand. In this case, the coin will continue to move to $ 58 thousand, Stankevich explained.

It will be possible to predict the growth of the crypto market only on the basis of some positive news, noted the head of the analytical department of AMarkets Artem Deev.

In Deev opinion, Bitcoin may continue to decline in the event of any negative factors. As an example, Deev cited the increase in regulatory pressure in the United States.

On September 8, it became known that the US authorities threatened the Coinbase crypto exchange with a lawsuit.

The US Securities and Exchange Commission (SEC) has opposed the launch of the Lend lending service by the trading platform.

In early September, the SEC also launched an investigation against one of the largest decentralized crypto exchanges, Uniswap.

Read More…

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“The Goal Is $ 58 K” What To Expect From Bitcoin Next Week?

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