06.05.202116:51 Forex Analysis & Reviews: Investors are moving their capital from bitcoin to other cryptocurrencies.

On May 6, bitcoin did not manage to overcome the important mark of $ 58,000 per coin, which we discussed in recent reviews. This mark is the 61.8% Fibonacci level. At the moment, the quotes of bitcoin have worked out 61.8% of the last drop by $ 15,000. But above the level of $ 58,000, the bulls still fail to gain a foothold. We still believe that the correction scenario looks more attractive at this time. Perhaps, bitcoin will continue to grow in the long term and may someday be worth even the notorious $ 1,000,000. Many experts now note that bitcoin, which usually led the other cryptocurrencies, now behaves oppositely. Ethereum continues to rise in price and update records of value. However, bitcoin can not continue the upward trend since mid-April. Most experts now agree that the so-called "altcoin season" has begun. Bitcoin is already very expensive, and the more expensive it is, the fewer investors want to buy it since the growth of "digital gold" is still limited to some level. Bitcoin remains an investment tool, and it is bought to make money on it and not as a means of payment.

Moreover, at this time, there is a fairly large variety of other cryptocurrencies that have much greater growth potential than bitcoin. Therefore, some owners begin to get rid of the bitcoin to fix a profit or invest the money received in Ethereum or Binance Coin. There is also a recent drop in the bitcoin dominance index, which also indirectly shows a greater interest of new investors in other tokens.

At the same time, the head of JP Morgan, Jamie Dimon, said that the bank's clients show a high interest in bitcoin, although he is skeptical about the first cryptocurrency in the world. However, according to Jamie Dimon, he does not tell the bank's customers what to do. If investors' interest is growing, then so be it. Dimon's earlier statements were tougher on the bitcoin. According to the general manager of JP Morgan, he was ready to fire any employee of the bank for trading cryptocurrencies and compared bitcoin to "tulip fever." "My personal belief does not mean that I should impose my position on cryptocurrencies on clients," the head of the bank said.

The bitcoin has already bounced four times from the 61.8% Fibonacci level in technical terms over the past six days. Thus, the further growth of "digital gold" is still in doubt for the time being. The fundamental background has improved slightly for bitcoin, so if the $ 58,000 level is overcome, the upward trend is likely to resume. However, the bulls do not need a fundamental background but an influx of new investors. Below the level of $ 58,000, there are still good chances of resuming the correction with a goal of about $ 47,000 per coin and below.