The rise in bitcoin rate calls into question the completion of consolidation, which could become a trap for bulls

Bitcoin is at a crossroads.On Thursday, quotes of the first cryptocurrency broke the upper limit of the triangle that had been formed over the past two weeks just above $38,500, calling into question the completion of the consolidation with the subsequent development of downward momentum. However, attempts to confirm the breakout by the end of the working day continue, leaving the possibility of forming a trap for the bulls possible. with a return below the resistance passed by the day up to $30,000 in the following days and weeks. 

Even if the breakout is confirmed, the continuation of the rise looksdifficult and does not guarantee completiondowntrend. The situation was spoiled by the American macro statistics. The growth of jobs in the private sector by 978 thousand against the forecast of 742 thousand, as well as positive data in the indices of business activity in the service sector raised expectations of a toughening of the Fed's rhetoric and provoked a strengthening of the dollar, undermining optimism in the financial markets. Tomorrow there is a real exam in the form of official data on the labor market at 15:30 Moscow time.

As for the news from the crypto world, today,they are rather positive, if you do not take into account the warning of the head of the Office of the Comptroller of the Currency, Michael Hsu, who announced the possibility of revising the rules for working with banks with cryptocurrencies. Earlier in 2020, reforms by his predecessor Brian Brooks, which allowed banks to hold collateral for stablecoins and act as custodians, created a sense of imminent adoption of digital assets.

News came from China about a productive conversationSichuan miners with regulators, local media, in turn, noted that trading cryptocurrencies “at your own peril and risk.” it is not prohibited if they are not packaged in an investment product. In other words, Beijing's attack is not comprehensive, but fragmented.

The largest Bitcoin conference starts on June 42021, whose speakers can support sentiment in the cryptocurrency market. But this is provided that there is no catch in tomorrow's statistics. It can confuse the cards for those who believed that Bitcoin, after breaking through the upper border of the triangle, will now inevitably rise to $40,500 – 42,000.

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