On the eve, the cost of the main cryptocurrency dropped to a minimum level since June 26 at $ 31 thousand. What factors indicate a further decline in quotations and to what level the digital coin may fall
Over the week, the cost of bitcoin has decreased by 5%, dropping to the level of $ 32 thousand. The price of the main cryptocurrency over the past seven days has dropped to a minimum level since June 26 – $ 31 thousand. Topplabs.org experts explained what to expect from the quotes in the coming days.
"A sluggish slide into the $ 30,000 region."
Co-founder of EXMO crypto exchange Ivan Petukhovsky
In the coming days, there will be a sluggish slide to the $ 30 thousand area. In case there is news about the sale of a significant part of bitcoin by Grayscale investors, this support level may be broken. If there is no loud news, then it is unlikely that there will be any active movements in the market. If there is no rebound and return above $ 32K, then let's go to $ 25K, there is the next level of support.
Historically, August looks like one of the most unfortunate months for the value of bitcoin, so during July it makes sense to expect at least a narrow range of trading, which we see near the $ 30K level.
"The background on cryptocurrencies remains extremely tense"
Head of data analysis department of CEX.IO Broker Yuri Mazur
Bitcoin quotes will continue to be within the range, which has shifted towards $ 30- $ 35 thousand. Nevertheless, it is likely that if the level of $ 30 thousand is broken down on the weekly chart, digital gold will go to the level of $ 25 thousand. This will be facilitated by both technical, and fundamental factors. The news background for cryptocurrencies remains extremely tense.
The main culprit behind the weakening of BTC is China and its measures to ban cryptocurrencies. Bitcoin is very dependent on mining, therefore, when the PRC authorities began to put pressure on miners, the stability of bitcoin was sharply shaken. However, investors have already accepted the inevitability of the negative in China and have taken everything into account in the quotes, so while the behavior of the main cryptocurrency has stabilized somewhat.
"Bitcoin falls first"
Head of the analytical department AMarkets Artem Deev
Most likely, Bitcoin next week will really go below the $ 30 thousand mark, and it is difficult to say where it will stop. But it can be in the range of $ 22-24 thousand per coin or below. An exceptionally negative background is now emerging for the entire crypto market, and bitcoin falls first, showing the dynamics for most other currencies.
It is obvious that central banks, initiating the creation of digital analogs of national currencies, will not tolerate competition from decentralized cryptocurrencies. And, of course, unlocking the shares of the Grayscale Bitcoin Trust bitcoin fund after a six-month period can also affect the rate. Next week, January shares may be sold for more than $ 1.4 billion, which is quite a significant volume for the total market volume. With the appearance of negative news for the market, Bitcoin may well fall to the level of about $ 20 thousand.