On Tuesday, April 27, the bitcoin rate on the Binance crypto exchange again reached $ 55.3 thousand. The price of the cryptocurrency is recovering after it renewed the local minimum at around $ 46.9 thousand on Sunday night. Today, bitcoin is trading at around $ 54.8. writes RBC Crypto.
The experts told what is the reason for the rise in the price of the cryptocurrency, in which case it will continue and what is needed to complete the correction.
“Falling below $ 50 thousand is possible.”
Vitaly Kirpichev, Director of Development for TradingView Platform in Russia
The growth of bitcoin can be attributed to the release of positive reports from Tesla and the statement of the company’s CFO that positions in bitcoin will be long-term. This allowed the “bulls” to seize the tactical initiative from the “bears” for a while.
However, to maintain and develop this advantage, news of the scale of the adoption of bitcoin as a means of payment by a large corporation or a developed country is necessary. Otherwise, the sideways trend may continue or fall below $ 50 thousand.
“Investors continue to build up their positions in bitcoin”
Mikhail Karkhalev, financial analyst at Currency.com cryptoexchange
Most likely, the correction is coming to an end, since the decline to $ 47 thousand provided an excellent opportunity to buy bitcoin quite cheaply, even by current standards. The old buy the dip strategy works great in the cryptocurrency space. The cryptomarket is not yet going to “winter out”, as institutional investors continue to increase their positions in bitcoin, and some are just entering the market. Tesla’s 10% BTC sales are unlikely to scare them.
As for the technical analysis, the level of $ 47-48 thousand has already demonstrated the strength of buyers twice, and the intermediate resistance in the region of $ 54 thousand has already been broken. Now Bitcoin needs to overcome the level of $ 60 thousand, from which the impulsive fall began. Only in this case it will be possible to talk about the actual completion of the correction. Within a few days after the breakdown of $ 60 thousand, bitcoin will pick up and above $ 65 thousand.
“The correction was the impetus for large purchases”
Development Director of EXMO Exchange Maria Stankevich
As we predicted earlier, bitcoin stabilized over the weekend, and the correction served only as another impetus for large purchases. In addition, JPMorgan’s announcement of the creation of a cryptocurrency asset fund is unambiguously positive news, reflecting strong demand from institutional players at current record prices, which will further increase the value of the asset.
Another important factor in the current growth is the dynamics of bitcoin, which at the moment almost perfectly matches the dynamics of the asset with a deficit value. The only factor that at the moment can put pressure on the bull run of cryptocurrencies is the results of the end of the Fed meeting on the rate.
In general, we believe that this will not affect the cryptocurrency market, since at this meeting the Fed will most likely confirm its position on current monetary policy. But if Powell at a press conference clearly announces plans to curtail the policy of cheap liquidity and name specific dates (that is, he does not say vaguely, but specifically), then this may cause a strengthening of the US dollar and put some pressure on the cryptocurrency market at the moment.
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