Experts told how the bitcoin rate rose sharply, and assessed the near future prospects of the cryptocurrency
On Monday morning, July 26, the bitcoin rate on the Binance crypto exchange reached $ 39.8 thousand.Since Sunday evening, the cost of the cryptocurrency has grown by $ 6 thousand. At 15:30 Moscow time, bitcoin is trading at $ 38.7 thousand.
The value of bitcoin began to rise after information appeared on the network that Jeff Bezos' platform Amazon would begin accepting cryptocurrency for payment by the end of the year. City AM was the first to write about this with reference to its own source.
Last week, Amazon posted a vacancy for the head of the cryptocurrency and blockchain business. The source of the publication claims that this is due to plans to accept bitcoin for payment, and the indication comes from Bezos himself. After Bitcoin, Ethereum, Cardano and Bitcoin Cash are supposedly accepted as means of payment. The publication writes that Amazon is preparing to present its own token in early 2022.
Later, a well-known member of the crypto community under the nickname CryptoCobain wrote on his Twitter (405.5 thousand readers) that it was he who launched the rumor about the acceptance of Amazon's cryptocurrency by deceiving the "stupid crypto journalist." Amazon has not yet reacted in any way to what is happening.
Result of unverified information
The growth on Monday is a reaction to unverified information about the acceptance of payments in cryptocurrency by Amazon, says Artem Deev, head of the analytical department at AMarkets. According to him, this information was based only on the fact that the company published a vacancy for a specialist in the field of digital currencies and blockchain.
“The coin may continue to grow for a short time, again coming close to the $ 40 thousand mark, but then a fall will surely occur,” the analyst predicted.
If Amazon refutes information about the integration of cryptocurrency payments, this will surely provoke a sharp drop in bitcoin quotes, Deev said. It is more likely now that the cryptocurrency will return to the range of $ 30-34 thousand, he says.
Technical and manipulative nature
The momentum of the sharp growth began even before the publication of news about the support of bitcoin by Amazon, says Nikita Zuborev, senior analyst at BestChange.ru. In his opinion, this prompts assumptions about the technical nature of growth.
Perhaps, against the background of the breakdown of the technical indicator and the closing of the "daily candle" in a significant plus, it provoked robots with a certain algorithm to massively recalculate the trend and place buy orders, which in a limited time triggered a growth impulse of more than 10%, the analyst admitted.
“We see the absolutely manipulative nature of the growth that has taken place. The current growth was about 10% in just 5-10 minutes according to different exchanges, and on the largest exchange Binance, for example, the trading volumes for the same time period were 10 times more than the average before that several days, "he noted Zuborev.
Given the artificial nature of growth, in the coming days, bitcoin can overcome the $ 40 thousand mark only as a result of continued manipulation, the analyst emphasized. In his opinion, if a stable local bullish trend arises and grows above $ 41 thousand as a result of a new manipulation, the price of the cryptocurrency will begin to fall and update the semi-annual lows below $ 30 thousand.
The impulse, as a result of which the bitcoin rate approached the $ 40 thousand mark, can be compared with the fall in May, when the cryptocurrency dropped to $ 30 thousand for the first time since January, says Andrey Podolyan, CEO of the Cryptorg crypto exchange. According to him, then there was an inflow of the same trading volumes, and then the price gradually reached local minimums. In the current situation, we should expect a similar outcome, that is, Podolyan predicted new attempts to grow to $ 40,000.
“Now the market is in the stage of acceptance, the volatility will be high, but it will decline every day. The amplitude of price movement will decrease. And the price will gradually fill this wick at the top, which was formed as a result of today's impulse, ”the expert is sure.