Cryptocurrency market continues to test the nerves of investors expecting renewed growth

The cryptocurrency market continues to test the nerves of those who remain true to the positive scenario of the completion of the correction at current levels.

Despite the renewal of the lows since the beginning of June, the bitcoin rate is still magnetized to the lower border of the triangle, not in a hurry to go into a steep fall with a breakout of $30 thousand, which it is destined if the lower border of the formation broken down is not broken downrepelled by the bulls (it is necessary to consolidate above $37 thousand).  

The effect of the largest Bitcoin 2021 conference in history held in Miami over the weekend was barely noticeable,as well as Elon Musk's attempts to shake up the market by adding the letters BTC to his Twitter description.

On Monday, the "heavy artillery" company MicroStrategy is going into action, which plans toplace $400 million worth of convertible bonds to buy digital gold.Even taking into account the May correction, the value of the coins purchased by the public companyIt takes 1.5 times the purchase price to be a staunch supporter of bitcoin in order to decide on this in the current uncertainty.It is not yet known whether this $400 million will be enough to neutralize the growth"shorts" of professional speculators on the CME.

Over the weekend, the market did not recover from theanother trick on the part of Elon Musk, who added a heartbreak emoji to the letters BTC in his tweet before the weekend.This joke resulted in a 5 percent drop and a "black mark" from himhackers from the Anonymous group (or those who pretend to be them).Later, this was compounded by the blocking of the accounts of 12 crypto influencers by the Weibo social network, which once again reminded that the Chinese authorities are not yet ready to relax the regulatory grip of the industry.

Fidelity Investments is confident in the bright prospects of bitcoin in the long term, but expects it in the near futurefall to $23,000 – 30,000.The intrigue is who will be right: Fidelity or Saylor– can hold out until Tuesday.The chances are higher on the side of the skeptics.If this scenario materializes, the current strength of altcoins may be replaced by their weakness.

text: Aaron Chomsky, Head of Investment Department, ICB Fund, photo: Shutterstock