Bitcoin again at $30 thousand. How the first cryptocurrency will behave further
Experts explained why in recent days bitcoin price was falling and what dynamics are expected from the asset in the near future
On April 14, the bitcoin price (BTC) came close to $31 thousand, having updated the maximum since June last year. After that, the rate of the first cryptocurrency fell to $29.27 thousand for four days but managed to recover to $30 thousand. According to CoinGecko, at 15:15, April 18 the cost of BTC was floating at $30.4 thousand, and the daily price growth was 2.8%.
"An important psychological level of resistance."
Exmo.me CEO
Bitcoin's fall in price is due to traders' fixation of profits from short-term and medium-term speculation. $30k is an important resistance level. No important news, which could put pressure on quotations, was noticed.
Since the beginning of the year, bitcoin grew by more than 80%, and buyers begin to exhaust themselves little by little. For further upward movement, the price should fix above $30k. Otherwise, the BTC will test the level of $26.5 thousand.
If Bitcoin is able to keep $30k or will be in the "sideways position", altcoins will start their growth. Already now it is visible - such cryptocurrencies as Ethereum (ETH), Cardano (ADA), and Polkadot (DOT), began their movement upwards. For this reason, an "alt-season" is likely in the near future.
For "bulls" could gain force again, bitcoin should fix above the level of $29.8 thousand I expect that the cost of the leading digital asset in the near future will reach $32 thousand.
As for the alt-season, in my opinion, it is already in progress. It can be seen by the declining dominance of Bitcoin and the way many altcoins did not react to yesterday's decline in its rate. All that remains is to wait for the powerful moves of these coins.
"Technical factors have come to the forefront."
BitRiver Financial Analyst
The decline in the rate of BTC in recent days was caused by technical factors. The market has already taken into account the prices and the update in the Ethereum network, and the recent jump in the U.S. stock market to two-month peaks.
No new information, colored positively, appeared. Therefore, technical factors came to the forefront. On the daily chart of April 18, you could see the possibility for a decline in the rate, and it worked.
There is still a possibility of the BTC price falling to $29k before the market returns to buying. But the mid-term target for Bitcoin remains the same - it's $34-35 thousand.
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