CEX.IO company blog | Why will bitcoin continue to fall?

Over the past day, the first cryptocurrency has lost almost 6% of its value after reaching an all-time high of$ 61,800 at the beginning of the week. On March 16, the rate fluctuates around the $ 55,756 mark.

Yuri Mazur, head of the data analysis department of the international crypto broker CEX.IO Broker, shared his opinion on why the bitcoin rate is falling and what will happen to the cryptocurrency rate next.

If in the near future the bitcoin price cannotto gain a foothold above or near the price level of $ 59,000, then in March one should not expect any new highs. At the same time, the market is likely to return to growth in April. We estimate the chances of a drop in quotations at 30%.

At the moment, the rising price trend has the upper hand, but strong momentum requires a synergy of both technical and fundamental factors.

So far, only global ones are on the side of the bullsfundamentals such as stimulating the global economy with bailout packages. The trigger for movement on cryptocurrency platforms should be an industry factor; this could be, for example, an announcement of the purchase of cryptocurrency by companies from the S&P500 list.

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