Analytics / Forex and Crypto News
After a sharp decline that began on May 10, the price of Bitcoin began to gradually recover from May 23. Already today, the price managed to rise above $40000 and reach a maximum of $40904. However, the BTC/USD pair could not stay above the psychological barrier and at the time of publication is trading at $38900.
After a bearish correction on May 24, yesterday the price of Bitcoin received support from Elon Musk and Michael Saylor. They announced the creation of a so-called council of miners with the participation of representatives of leading cryptocurrency mining companies. This organization aims not only to increase the transparency of mining but also to minimize environmental threats.
If Bitcoin mining stops creating environmental threats, then cryptocurrency will become a more attractive tool. If mining becomes environmentally friendly, then a new wave of institutional adoption can be expected.
After Elon Musk tweeted about the meeting with the miners, the price of Bitcoin began to rise.
If the BTC/USD pair manages to gain a foothold above $40000, this will mean the beginning of an uptrend towards $50000.
But if you look at the RSI, it gives a bearish outlook. Buyers are unable to overcome the key resistance of $40000. Consequently, it may be that the bulls are tired, raising the price to $40000, and after that we will see a correction to $36000.
Investment bank JPMorgan has released a report on the state of the cryptocurrency market in the second quarter of 2021. The report noted that as a result of a sharp decline in the price of cryptocurrencies in April and May of this year, institutional investors began to massively sell Bitcoins