CEX.IO company blog | Why did Bitcoin start to fall?

Last week, the active growth of Bitcoin and the conquest of new price peaks gave way to a fall, and on Thursdaybitcoin fell below $ 30,000.Later, there was a rebound, but bitcoin was able to fix only at the level of $ 32,000-33,000, which is much lower than its personal record of $ 42,000. On January 25, the price of bitcoin hovers at $ 33,219.

Yuri Mazur, head of the data analysis department of the international crypto broker CEX.IO Broker, shared his opinion with the Izvestia newspaper about the reasons for the fall in bitcoin.

The main reason for the fall in market valueBitcoin is the corrective phase of the market dynamics of this cryptocurrency, which began with a big drop on January 10-11, 2021. Its start was a test of support for the course in the region of $ 40,300 on January 10 - it is now continuing.

On the CEX.IO exchange, we still see a significant concentration of buy orders around $31,000. They characterize this price as strong support on the Bitcoin price chart.

In the medium term, we expect to see fluctuations in the BTC / USD quotes in the range of $ 28,000-36,000 before determining the further direction of movement.

Read the full material here.

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