Analytics / Forex and Crypto News
Large companies and personalities are increasingly influencing the cryptocurrency market than fundamental data. But this impact is most often short-term. As a result, only whales and speculative traders benefit from this.
Yesterday we saw the growth of the cryptocurrency market. Bitcoin price peaked at $40580. All major altcoins have also reached their highs. However, today the cryptocurrency market is trading in the red zone. Today the price of Bitcoin reached a low of $36386, but at the time of publication, it is trading in the area of $38500.
Analysts explain yesterday's rally in Bitcoin and the market in general by rumors that Amazon plans to accept Bitcoin this year. But already today the Amazon company has issued an official statement in which it has denied these rumors. The company said it definitely has no intention of accepting Bitcoins this year.
The analyst draws the attention of investors to the capital outflow from the Binance exchange, which was recorded on Monday. 31000 BTC were withdrawn from the exchange. This capital outflow indicates that there is no pressure from sellers. And this can become a new fundamental signal for the rise in the price of Bitcoin.
However, analysts also say that when the price of Bitcoin hits $40000, the growth may stop. As yesterday showed, the bulls cannot push the price above $40000. And we can see a new range of $37000- $40000.
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