Analytics / Forex and Crypto News
This week, the price of Bitcoin dropped below $30000 for the first time in a month. However, the next day it was able to return above $30000 thanks to Elon Musk. At The B Word conference, Elon Musk said that he personally owns Bitcoins, Ethereum and DOGE. His companies Tesla and SpaceX also own Bitcoins. Bitcoin began to strengthen as early as Wednesday night. However, the ascent is very slow so far, and observers agree that a resumption of the rally is unlikely in the coming days.
Analysts draw attention to another fact, this is the influx of stablecoins to exchanges. In the middle of the week, $57 million in USDT and $58 million in USDC were deposited on various exchanges. This could be preparation for buying Bitcoin. Investors usually enter the market using stablecoins.
Bitcoin price has reached $32, today. However, analysts believe that Bitcoin's price could reach $33000 today. However, this growth will be short-term, after which Bitcoin will once again return to the area above $32000.
The market is still controlled by bears. Therefore, even if we see a rebound, BTC will not be able to get enough support to radically change its trend.
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