Yuriy Ukazkin
In March, the BTC exchange rate dropped by almost 3000 dollars. Some experts predict a further downtrend in the near future, Market Leader reports.
Last Friday, the average BTC exchange rate dropped all the way down to 8360 USD/BTC. A day before, the price used to be above 9000 USD/BTC and then dropped down to the mentioned level. This means that the world’s first and most expensive cryptocurrency has actually failed to consolidate close to 10000 USD/BTC, not to mention breaking above this psychological level.
The price started retracing further down after several attempts to recover. At this point, CoinDesk experts predict a further move down to 8000 USD/BTC and maybe even lower.
At the same time, some other experts believe that Bitcoin may break and consolidate above 9000 USD/BTC once the price starts moving up. However, first Bitcoin will have to consolidate above 8700 USD/BTC, which seems to be the closest major level of resistance. Judging by Reddit comments, most users think the bullish scenario to be unlikely at this point. Most of them are bearish on Bitcoin in the short-term perspective.
At the same time, international experts say that the market started going down amid some news coming from Japan. In particular, the Bank of Japan warned Binance, which is a major cryptocurrency exchange. The thing is Binance has been rendering services to Japanese traders and investors without the corresponding license. So, if the exchange wants to continue doing so, they will have to get the license from the BoJ.
According to Ethereum World News, such headlines have been seriously affecting the global market of digital currencies. The international community has been concerned that other online exchanges worldwide may see pressure and are likely to be either forced to get license or suspend their services. Apparently, as international investors are getting more cautious and reducing their exposure to the cryptocurrency market, the trading volume keeps on going down and affecting digital currencies.
Bitcoin Tries to Recover
Bitcoin has made several attempts to recover this week. It overcame the $9K threshold but failed to consolidate about it. Needless to say that cryptocurrencies have been extremely volatile over the recent months, especially the top ones like Bitcoin. After rallying for a while, the BTC exchange rate reversed on March 25th and started retracing. More and more experts share the same opinion that Bitcoin will eventually be able to consolidate at new local highs for a long time if it manages to set them.
NordFX experts report that a couple of days ago, Bitcoin came close to 8900USD/BTC but then retraced back to 8000USD/BTC. Now it seems to be trying to recover a bit but those attempts have been unsuccessful so far.
Yuriy Ukazkin
