Bitcoin has climbed to the top, where it has not been since May 26. But from our point of view, it is still too early to celebrate this event. The fact is that now bitcoin has just hit the level that previously threw the quotes down. We are talking about the level of $40,746, which is the maximum from May 26. Thus, there is a high probability that a rebound from this level will occur with a new fall by 7-8 thousand dollars. We made the same conclusion when analyzing the daily timeframe. Elon Musk's statement gave a little positivity to the markets, but how much can bitcoin go up in price on this one message? Also, there is no other positive news. Moreover, many experts continue to believe that bitcoin may still fall in value below its latest local lows around the $30,000 level. For example, JPMorgan chief strategist Nikolaos Panigirtzoglou believes that institutional investor interest in bitcoin is still low after the cryptocurrency plummeted by $36,000. He believes that if institutions are going to return to the market, they will wait for the lowest possible price values in order to resume buying "digital gold". Panigirtzoglou also said that at this time, he does not observe a special desire from various funds to invest in bitcoin. The strategist also believes that the "bearish" trend persists and will remain so for at least several months. Earlier, JPMorgan analysts have already concluded that the trend for bitcoin is changing to a downward one. Thus, for now, bitcoin continues to be at risk. Only MicroStrategy continues to buy bitcoins in batches. And this is not only about purchases with their own money, but also about purchases with attracted capital. recall that the company recently placed nearly $500 million worth of bonds maturing in 2028 with the aim of investing these funds in the purchase of the first cryptocurrency. The profitability of this instrument for investors is estimated at 6.125%. Moreover, there were so many people willing to buy the bonds that the company lowered the rate from 6.5% and increased the amount of bonds being placed from $400 million. However, only the company's assets, bitcoins and other cryptocurrencies, which will be purchased during or after the placement of bonds, will act as collateral for the placed bonds. This means that if bitcoin drops, for example, to $10,000, then there will be nothing to compensate investors for the loss.

Technically, bitcoin quotes rose to $40,746 on the 4-hour timeframe. Thus, the fate of bitcoin for the next few days may be decided in the next few hours. If this level is overcome, the growth may continue with the targets of $43,852 and $47,070. If not, a new round of the downward movement will begin up to the level of $30,500.