06.05.202109:12 Forex Analysis & Reviews: The bulls refuse to let bitcoin go into correction

Bitcoin has again risen in price over the past trading day, and this time, it is about 2.5 thousand dollars. So, it returned to the 61.8% Fibonacci level, which we have previously referred to as the "last frontier". Now, bitcoin is really on the verge of resuming the upward trend. To do this, investors only need to overcome the level of $58,000 per coin. But despite yesterday's growth, we still believe that a correction remains more promising. It should be noted that any hypothesis requires specific technical confirmation. So if the level of $58,000 is not overcome, our hypothesis will be confirmed. And if so, then the upward trend will most likely resume.

The fundamental background for bitcoin has not changed in recent years and remained moderately negative. Several more or less significant news items have been received over the past 24 hours. For example, it became known that in the near future, hundreds of American banks can provide their customers with the opportunity to buy, sell and store bitcoin using their regular accounts. This news could be the driver of the growth of bitcoin quotes yesterday, as it opens up access to bitcoin investments for a huge mass of ordinary Americans. It is reported that most of the banks that participate in this campaign are small banks with several branches, but in total they have opened more than 300 million accounts. Large investment banks such as Morgan Stanley, Goldman Sachs, and JPMorgan are also preparing to provide their clients with the opportunity to conduct operations with cryptocurrency, but we are only talking about large clients in this case.

Thus, in the coming months, Americans will be able to buy and sell bitcoin, even without going to the stock exchange for this and without understanding all the subtleties of this process. You can do this on your mobile phone in the app of your bank. At the same time, opinion polls showed that about 40% of users of the MasterCard payment system plan to use bitcoin and other cryptocurrencies next year. And in Australia, investors equated bitcoin with stocks. Only 3% Australians said they were more willing to invest in stocks than in bitcoin. Based on these data, bitcoin has really good prospects for 2021. In addition to the increasing introduction of digital assets in the lives of ordinary Americans and not only, the United States continues to pour trillions of dollars into the economy. Some of this money is almost guaranteed to move to the cryptocurrency market, which has been observed over the past year. Thus, the opportunity to invest in bitcoin is now not only for large investors and institutions, but also for ordinary people. And because of this, bitcoin can really continue to grow in 2021.

In technical terms, bitcoin bounced off the 61.8% Fibonacci level, but it has already managed to return to this level. Thus, for the time being, the further growth of "digital gold" is still in doubt. However, the fundamental background is improving for bitcoin, so if the $58,000 level is overcome, the upward trend is likely to resume. The chances of a corrective fall remain high, but slowly decreasing.