On April 14, the price of bitcoin (BTC) came close to $31,000, having updated the maximum since June last year. After that, the exchange rate of the first cryptocurrency dropped to $29.27 thousand in four days, but managed to recover to $30 thousand. .6%.
The experts told RBC Cryptowhat caused the fall in the rate of the first cryptocurrency after updating the ten-month maximum and how they will behave further bitcoin and other digital currencies.
“Important psychological level of resistance”
Exmo.me CEO Vladimir Cherpichnikov
The fall in the price of bitcoin is associated with profit-taking by traders from short-term and medium-term speculation. Also, do not forget that $30,000 is an important psychological resistance level. There were no important news that could put pressure on the quotes.
Since the beginning of the year, bitcoin has grown by more than 80%, buyers are starting to run out of steam little by little. For further upward movement, the price needs to gain a foothold above $30 thousand. Otherwise, BTC will test the level of $26.5 thousand.
If bitcoin manages to hold $30,000 or stays flat, then altcoins will start to grow. This is already visible – cryptocurrencies such as Ethereum (ETH), Cardano (ADA), Polkadot (DOT) have begun their upward movement. For this reason, an “alt season” is quite likely in the near future.
“It remains to wait for powerful movements”
CEO Cryptorg Andrey Podolyan
In order for the “bulls” to gain strength again, Bitcoin must gain a foothold above the $29.8 thousand level. I expect the value of the leading digital asset to reach $32 thousand in the near future.
As for the alt season, in my opinion, it is already underway. This can be seen from the declining dominance of bitcoin and how many altcoins did not react to yesterday’s decline in its rate. It remains to wait for the powerful movements of these coins.
“Technical factors have come to the fore”
Financial Analyst BitRiver Vladislav Antonov
The depreciation of BTC in recent days was caused by technical factors. The market has already priced in both the update to the Ethereum network and the recent jump in the US stock market to two-month highs.
New information, colored positively, did not appear. Therefore, technical factors came to the fore. On the daily chart on April 18, one could see an opportunity for a downside, and it worked.
There is still a possibility of BTC price falling to $29k before the market returns to buying. But the medium-term goal for bitcoin remains the same – it is $ 34-35 thousand.
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