September 25, 2022

When to Buy Bitcoin: Has BTC Price Bottom Already or Not?

When to Buy Bitcoin: Has BTC Price Bottom Already or Not?

On Tuesday, June 22, the bitcoin rate is trading near a local minimum of $ 32.6 thousand. Over the past 10 days cryptocurrency has fallen in price by almost $ 10 thousand.The latest wave of decline began after negative news from China. Over the past two weeks, four provinces have introduced a ban on mining, and yesterday local banks began to block transactions related to digital assets, writes RBC Crypto.

Bitcoin price will continue to decline asthere is no strong fundamental news on the market, explained Anton Kravchenko, CEO of Xena Financial Systems. He named the next level of support at $ 28 thousand, then $ 23 thousand. The expert believes that now is not the best time to buy cryptocurrency.

Globally financial markets will be underpressure from the recent Fed meeting, which showed a tendency to tighten monetary policy in the long term, added the head of the data analysis department of CEX.IO Broker Yuri Mazur. He suggested that the $ 30K level for bitcoin might not hold up.

“Don't panic and talk aboutlong-term downtrend. However, fixing the weekly price below $ 30 thousand will indicate a shift in the trading range towards $ 20-25 thousand. "- warned Mazur. He called the most reasonable option to wait for the final clarity on the asset, and only after that make a decision to buy or sell.

Now the cryptocurrency market may be instages of accumulation according to the Wyckoff method, added Andrey Podolyan, CEO of Cryptorg.exchange. In his opinion, while many sell in panic, large players are accumulating volume.

“Now we can be approximately at the point from which long-term growth will begin. The critical point for bitcoin may be $ 30,000, and resistance - $ 36,000. ", - explained Podolyan.

A decline in the price of bitcoin does not cause an increaseof open interest, which indicates that market participants have no desire to increase sales, while each strait of prices is bought out by investors, said leading analyst at 8848 Invest Viktor Pershikov. He suggested that this situation indicates a possible start of price recovery in the foreseeable future.

“In the near future we may see an attemptbreakdown of the level of $ 30 thousand, which may become the final price reduction. After that, I look forward to another consolidation in the area of ​​$ 28- $ 30 thousand and so far I do not see further prospects for a fall. Bitcoin is in the final phase of price correction, the overall trend remains bullish, and it only takes time for Bitcoin to start growing. ", - Pershikov predicted. He concluded that capitalization growth could begin at the end of the summer.

Where is it more profitable to buy bitcoin? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposit and withdrawal of funds in rubles, hryvnias, dollars and euros.

Site reliability is primarily determined bytrading volume and number of users. By all key metrics, Binance is the largest cryptocurrency exchange in the world. Binance is also the most popular cryptocurrency exchange in Russia and the CIS, since it has the largest turnover of funds and supports transfers in rubles from bank cards Visa / MasterCard and payment systems QIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

# Exchange: Website: Rating:
1 Binance (Editor's Choice) https://binance.com 9.7
2 Bybit https://bybit.com 7.5
3 OKEx https://okex.com 7.1
4 Exmo https://exmo.me 6.9
5 Huobi https://huobi.com 6.5

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability - stability of access to all platform functions, including uninterrupted trading, deposit and withdrawal of funds, as well as the period of work on the market and the daily trading volume.
  • Commissions - the size of the commission for trading operations within the site and the withdrawal of assets.
  • Feedback and support - we analyze user reviews and the quality of technical support.
  • Convenience of the interface - we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • Platform features - availability of additional features - futures, options, staking, etc.
  • final grade - the average number of points for all indicators, determines the place in the rating.

When to Buy Bitcoin: Has BTC Price Bottom Already or Not?

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