“Bears” increased pressure: the bitcoin rate fell to $ 28 800

The night of January 22 became difficult for the first cryptocurrency – the bears increased their pressure and the bitcoin rate dropped to $ 28,800. Then the BTC price recovered to $ 30,500.

Analysts believe that the significant drop in the rate of the first cryptocurrency was caused by the profit taking by European and American traders. This is also confirmed by the increased trading volumes with a decrease in the price of BTC.

The rate of the first cryptocurrency has been consolidating for more than two weeks – on January 8, Bitcoin set a new historical record, reaching $ 42,000, but then a fall began. On January 14 alone, BTC rose again to $ 40,000.

Earlier, the director of investments at Guggenheim Partners, Scott Minerd, confirmed his forecast of the bitcoin rate at $ 400,000, but warned traders about a possible correction.

In his opinion, the decline in BTC can be very serious and prolonged, and the rate may fall to $ 20,000. However, according to Bloomberg analyst Mike McGlone, bulls may well hold back the fall in bitcoin:

“The behavior of BTC is similar to the period May-June 2017, when the bitcoin rate consolidated in the $ 2,000- $ 3,000 channel, but then began to rise.”

Against the background of the fall in the rate of the first cryptocurrency, altcoins also fell. Thus, ether, which had recently traded above $ 1,400, dropped to $ 1,050.

It was previously reported that during the previous depreciation, institutional investors increased their Bitcoin purchases. Perhaps in the current situation the same will happen and the BTC rate will quickly win back losses.

Telegram channel!