June 15, 2021

CEX.IO company blog | Bitcoin corrected to $ 37,000, but it's too early to relax - investors are waiting for further movements in the market

Over the past three days, the rate of the first cryptocurrency has grown by more than $ 6 thousand. As of June 11, BTC is traded at the level of $ 37 thousand, having slightly recovered after the drop in quotations to $ 31 thousand on June 8.

Yuri Mazur, head of data analysis department at CEX.IO Broker, comments for RBC Crypto:

As long as we can say that the working range, inwhich fluctuates in bitcoin is limited to the levels of $ 35,000- $ 40,000. The dynamics of the cryptocurrency market allows, in principle, to make an adjustment for surges above or below the range for BTC / USD by $ 5,000. That is, even a return of bitcoin to the $ 30,000 mark for the current situation will not be correction. But if the weekly closing of BTC / USD is below $ 30,000, then we can talk about the possibility of a bearish trend up to $ 20,000- $ 25,000. On June 11, the BTC / USD pair, according to the CEX.IO exchange, was at $ 37,363.

The growth of the asset value was facilitated by the positive news that began to appear on the market. But it is too early to say whether they are a symbol of the completion of the correction.

Yes, El Salvador accepted bitcoin aslegal means of payment on a par with the American dollar, however, restrictions on cryptocurrencies in China and the United States, which the crypto market is now focused on, are of more significant importance.

Therefore, investors take a wait and seeposition, not letting Bitcoin into either a bearish correction or a bullish trend - market participants are consolidating the asset in anticipation of movement triggers. Positive triggers are the ETH network update. Negative triggers, as a rule, are unpredictable and can appear at any time.

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