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Saturday, 20 October 16:34 (GMT -05:00)



Foreign exchange market

Bitcoin Quit Long-Term Correction


At this point, Bitcoin is trading around a major area of resistance. Having overcome it, the cryptocurrency will go further up, some experts believe.
 
According to Vladimir Smerkis, co-founder and managing partner of The Token Fund and Tokenbox, this spring has already brought us a major technical signal, which says that Bitcoin has left the period of prolonged correction (it last for around 75 days). The expert believes that the closest major area of resistance is located somewhere around 11,8-13K dollars per 1 BTC. The trading volume is currently low since Asia is celebrating Chinese New Year while other investors are trying to stay careful because of the increased volatility we have seen over the last 12 months. However, he assumes that those careful investors will get more active once the cryptocurrency exchange rate hits $12K per BTC.

At the same time, Mansur Guseinov, investment director of Cryptolife Fund, doesn’t deny the likelihood of Bitcoin moving all the way up to $15,5K per BTC in the coming weeks.

Andrei Koptelov, director of the center for economic research under the “Synergy” university, is convinced that Bitcoin can easily overcome the 12K threshold on positive news.

Eduard Lanchev, founder and CEO of Fundery, that news is the key factor determining the situation in the global cryptocurrency market. That said, the situation may change both ways depending on the news.


Stanislav Shakirov, founder of DigRate rating agency, assumes that the downtrend is over and the market bias is now bullish. He also underlines the positive tendencies seen in the industry – lower commissions on some online exchanges. For example, Bitfinex, Kraken, Binance have cut their withdrawal fees by 50%!

At the same time, NordFX experts report that Bitcoin is currently trading at 11260 USD/BTC. The market cap has come close to 200 billion dollars, with a market share of 41,3% of the total cryptocurrency market cap.

 

 

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