empty
 
 
15.04.2021 01:35 PM
Beginning of decline: BTC/USD falls sharply by $2,000

After a rapid 2-day rally, bitcoin sank by $2,000 in just a few hours. The number one cryptocurrency was steadily moving towards a new record high of $65,000, but BTC began to decline rapidly between 15:00 and 19:00 immediately after the opening of the American session. As of April 15, Bitcoin has stabilized but without significant growth.

Over the past day, the BTC/USD pair has decreased by 2%. On April 15 at around 13:00, BTC was trading at $62,500. At the same time, its daily trading volumes increased slightly to $71.6 billion. After setting a new record, the cryptocurrency went through a slight correction at the time the US session started, which coincided with the listing of the Coinbase shares on the NASDAQ exchange. The company set an initial price for the share at $250, but in the first minutes of trading, the quotes soared by 60% to $350 and the crypto exchange capitalization reached $100 billion.

This image is no longer relevant

Despite an overall positive sentiment in the crypto market, bitcoin sank significantly against the background of increased interest in the securities of the crypto exchange. In addition, an analytical report from Glassnode says that BTC holders continue to use the HODL strategy designed for long-term investment. This is proved by the unchanged volume of coins on the market after bitcoin had reached a new high. The lack of strong momentum due to the holder's cautious behavior could be the reason why the price of bitcoin failed to exceed the mark of $65,000 as it could be a pivotal point for BTC. To some extent, bitcoin became the hostage of its own advantage as investors used it for hedging positions in the long term.

This image is no longer relevant

However, a sharp outflow of buyers and passive behavior of cryptocurrency holders should not affect bitcoin's upside potential. The reaction to the decline of $2,000 is slightly exaggerated. Taking into account the current rally, BTC will be able to win back its losses during the next growth cycle. The market suffered a local downturn due to the listing of the Coinbase shares, which is likely to be followed by an even more powerful takeoff. The news background for bitcoin remains positive and creates the necessary base for future growth. For example, BTC may soon expect an even greater increase in institutional investors in connection with the latest announcement from WisdomTree. The company said its bitcoin-backed ETP product is being listed on the German Xetra platform. Moreover, in the near future we can expect a sharp increase in investment instruments backed by cryptocurrencies in the European Union. In particular, the Swedish regulator has already allowed the distribution of ETP in the EU area.

The current decline in bitcoin has a short-term nature associated with the correction of the entire market after a powerful impulse has lost its steam. Such a downturn cannot last long, given the information background, positive investor sentiment, and the general ongoing uptrend. Considering the constant growth in the number of new crypto users, as well as the rapid stabilization of the market after the Coinbase listing, another upward cycle can be expected within the next 24 hours. The first digital currency can reach a new all-time high of $65,000 within a few days. Yet, such an early correction casts doubt on whether bitcoin will be able to reach the channel between $70,000 and $75,000 and settle firmly there.

Artem Petrenko,
Chuyên gia phân tích của InstaForex
© 2007-2024
Kiếm lợi nhuận từ những biến đổi giá của tiền điện tử với InstaForex.
Tải MetaTrader 4 và mở giao dịch đầu tiên của bạn.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    THAM GIA CUỘC THI
  • Tiền gửi lần truy cập
    Ký quỹ tài khoản của bạn với $3000 và nhận được $8000 nhiều hơn!
    Trong Tháng 3 chúng tôi xổ $8000 trong chiến dịch Chancy Deposit!
    Có được một cơ hội giành chiến thắng bằng việc ký quỹ $3000 vào một tài khoản giao dịch. Đáp ứng được điều kiện này, bạn trở thành một người tham gia chiến dịch.
    THAM GIA CUỘC THI
  • Giao dịch khôn ngoan, thành công
    Nạp tiền vào tài khoản của bạn với ít nhất $ 500, đăng ký cuộc thi và có cơ hội giành được các thiết bị di động.
    THAM GIA CUỘC THI
  • 100% tiền thưởng
    Cơ hội duy nhất của bạn để nhận 100% tiền thưởng khi gửi tiền
    NHẬN THƯỞNG
  • 55% Tiền thưởng
    Đăng ký tiền thưởng 55% cho mỗi lần gửi tiền của bạn
    NHẬN THƯỞNG
  • 30% tiền thưởng
    Nhận 30% tiền thưởng mỗi khi bạn nạp tiền vào tài khoản của mình
    NHẬN THƯỞNG

Các bài báo được đề xuất

Không thể nói chuyện ngay bây giờ?
Đặt câu hỏi của bạn trong phần trò chuyện.
Widget callback