A professional analyst’s forecast. The expert examined the market position and predicted how it would alter in the near future.
The opinions of experts may differ from the editors’ perspective. “RBC-Crypto” does not provide investment advice; the information is provided solely for educational purposes. Bitcoin is a volatile asset that might result in financial losses.
On Sunday, May 21, bitcoin is selling at $26.9 thousand; its price has been stable over the previous week. The expert examined the market environment and forecasted the development of the Bitcoin rate over the next seven days.
“Consolidation plays into the hands of buyers”
BitRiver Financial Analyst Vladislav Antonov
The first half of the week was not pleasant for Bitcoin as BTC/USD fell to $26,361. Buyers came to the rescue quickly, preventing sellers from getting a mark below $26,500. This fact shows that buyers are still strong and ready to protect their position in the market. . BTC/USD
26,904 -14 (-0.05%)
One of the reasons for the fall in the bitcoin rate is the announcement of a ban on trading and all transactions related to Binance by the Australian bank Westpac. This decision affects cryptocurrency exchanges and customers. It should be noted that this is not the first time that regulators and banks close the rules for cryptocurrency exchanges.
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On the other hand, the bitcoin rate is still above $26,500 and support at this level continues to work. It is important to remember that cryptocurrencies are a volatile market and small fluctuations can be due to various reasons.
In the political arena, there is drama surrounding the United States’ public debt, which affects the dollar and stock indices. And from them already in the crypto market. In the meantime, the opinions of all participants in the market are directed next week, when a decision is expected to be made on this issue.
One of the main factors affecting the rate of Bitcoin is news from the United States. Amid a weak US dollar and hawkish comments from the Fed, bitcoin prices are at a weekly high.
However, everything is changing quickly in the market, so the buyers hit the ground because of the announcement of the suspension of negotiations with the US National Debt House. This was announced by Deputy Speaker of the House of Representatives Garrett Graves.
An important event that the market is waiting for next week is the publication of the last quarter of the US Federal Reserve meeting and the speech of the US Treasury Secretary Janet Yellen. These events can change the mood of investors and affect the price of Bitcoin. On Friday, the list of private consumption expenditures will be released. Important for the Fed.
As you can see, there is always something going on in the crypto market, and you should pay attention and know it to make the right decision. RBC-Crypto has launched a monitoring of cryptocurrency exchanges. Choose a reliable exchange service at a good rate at yourcryptoex.ru. The bitcoin rate is still trading around $26,850.
According to BitRiver, support is still at $26,500. Nothing changed for me on a bullish day. Since there is no bad news for the crypto market, the combination works in favor of the buyers. After June 1, a temporary market will be formed for growth near the target of around $34,000. We are not ignoring the pressure that regulatory authorities are putting on cryptocurrencies.
Meanwhile, the rate of Bitcoin continues to increase, but that does not mean that it will not increase in the near future. If buyers manage to raise the price above $27,500, we can expect further growth.
Therefore, despite the development of the situation in the crypto market, it is important to remember that cryptocurrency is not yet a well-studied and useful investment tool. Therefore, you need to look at the issue of investment, remember the risks and follow the news.