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Over the past few days, bitcoin has shown a movement in its best traditions. There was no really important fundamental background these days. There was only a conference where Jack Dorsey, Elon Musk, and Cathie Wood spoke, there was only news from Tesla and SpaceX, as well as the news from Amazon. This was quite enough for bitcoin to rise in price by $10,000. However, as we have already said in previous articles, it is far from a fact that the upward movement will continue above the level of $40,700, which is the upper limit of the side channel of $29,700 - $40,700. Of course, the movement of the last few days was not only strong, but also rapid. But if traders carefully look at any cryptocurrency chart, they will see that even inside the current side channel, such movements have already been made. Thus, we still believe that bitcoin will not continue its growth and will perform a downward reversal around the $40,700 level. In the currency or cryptocurrency market, you can never be 100% sure of anything. In other words, it was not the comments of Musk or Wood that led to the growth of the bitcoin exchange rate. It was investors who bought coins, so the bitcoin exchange rate increased. Accordingly, no one can ever predict 100% at what time most investors and traders will buy and when they will sell. We can only assume. Theoretically, a new upward trend may even begin at this time, although bitcoin usually consolidates for a year or two after the end of the bullish trend. We want to say that everything is possible, any scenario, but we should focus on one. Therefore, as usual, only technical analysis can help here. And technical analysis says that there is now an important level of $40,700. Accordingly, the future prospects of bitcoin will depend on its overcoming or not overcoming.
Meanwhile, the International Monetary Fund said that bitcoin carries a danger for the economies of many countries, as it can displace their national currencies. According to Tobias Adrian, director of the IMF's marketing department, and Rhoda Weeks-Brown, general Counsel and director of the legal department, cryptocurrencies can become a popular means of payment in countries with high inflation and inaccessible banking services. In countries where bitcoin will have the status of a national means of payment, it will be impossible to fight money laundering and terrorist financing. Also, economists said that cryptocurrency mining is still very unecological. We, in turn, want to remind you that the fundamental background remains quite negative for bitcoin. The markets have already won back most of the negativity, and bitcoin can't get cheaper forever on the same news. Nevertheless, we do not see any serious reasons for the continuation of the growth of the quotes of bitcoin yet.
Technically, bitcoin has grown almost to the target level of $40,700 once again. Yesterday, there was a small pullback down. But, as we can see, it has already been completed. We still expect bitcoin to fall back to the level of $29,700 and try to overcome it again. Therefore, we believe that sales are more relevant now, at least until the $40,700 level is overcome.
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