Alexander Kuptsikevich noted that now the price dynamics of Bitcoin are characterized by a sequence of lower lows and highs. Additional pressure on the value of the asset comes from fears of possible tightening of regulation of the crypto market. According to the expert, investors are now waiting to see what the market situation will be in the near future.
“The pressure on the Bitcoin rate is due to the sale of assets by miners. There is a possibility of panic selling if the coin price drops below $60,000,” Kuptsikiewicz said.
He emphasized that a breakout of $65,000 would send investors a signal that bullish sentiment in the market is restoring. In this case, you can expect the exchange rate to fix at this level. Kuptsikevich believes that if supporting factors, such as institutional demand and favorable macroeconomic conditions, weaken, a significant drawdown in the price of Bitcoin could occur.
Earlier, the Wublockchain team of experts reported that in April the crypto market showed a significant decrease in investor interest in trading digital assets on the spot market and the crypto derivatives market.
Source: Bits
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