The last three weeks, the cost of bitcoin has been in the range of $ 52-58 thousand. Sometimes the main cryptocurrency still manages to overcome these limits, but soon it returns to its previous level. Prior to that, the first digital coin showed steady growth, and since the beginning of the year it has risen in price by 97% (from $ 29 thousand), writes RBC Crypto.
The experts explained what is happening with Bitcoin and when it will be able to return to the growth phase.
Decelerating factors
Now bitcoin is being actively launched to the addresses of cryptocurrency exchanges, either for the purpose of fixing profits in it, or for the purpose of buying less capitalized altcoins, which puts pressure on the rate, explained the leading analyst at 8848 Invest Viktor Pershikov. According to him, the main cryptocurrency looks less attractive for investments relative to its main competitors due to its significant overbought.
“It is clearly seen that in pairs with BTC, such assets as ETH, LTC, NEO, TRX and many others still have room to grow, since the historic highs are still very far away,” the analyst noted.
Therefore, long-term investors prefer to buy less capitalized digital coins for bitcoin, leaving a small part of the funds in it, against the background of the current altcoin season, says Viktor Pershikov. The altcoin season itself and the fall in the share of bitcoin on the crypto market is also an important signal that bulls are not yet ready for new records, he added.
Sales risk
At this stage, altcoins are attracting more retail non-professional investors, says the founder of the stable cryptocurrency platform Grigory Klumov. According to him, this category of investors is more prone to panic, so the inability of Bitcoin to confidently pass the $ 60 thousand mark in the near future may well provoke a sale in both directions at once.
“If bitcoin faces a fierce sale, as practice shows, no matter how bright the altcoin season is, alternative cryptocurrencies are selling even more actively,” the expert added.
Accumulation of liquidity
The main factor holding back the growth of bitcoin is a high concentration of long positions in the futures market, says Nikita Zuborev, senior analyst at Bestchange.ru. He claims that the crypto market is now in a cycle of accumulating liquidity in altcoins.
“In the coming weeks, a significant increase in the price of bitcoin is not expected, although after a short consolidation in the next week, it is possible to overcome the level of $ 60 thousand,” the analyst predicted.
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