06.10.202110:46 Forex Analysis & Reviews: Bitcoin is a well-rested asset with a discount in a bullish market

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Bitcoin is showing some bullish signs and has reached the $50,000 level following the sell-off to $40,000 in September.

Ed Moya, an analyst at OANDA, said that breaking through the level of $ 50,000 again is a big deal for Bitcoin and for the cryptocurrencies in general.

Bitcoin added 5.44% since yesterday.

When bitcoin breaks away from the bearish mood of the US stock market, this is an important shift for cryptocurrency.

Trading may be unstable this week, but the key price level to watch out for will be the $52,000 level. According to Ed Moya, this will create more technical purchases.

If Bitcoin rises above the level of $ 52,000, it will trigger a new wave of technical purchases. Over the next few days, the main digital asset may saw through the $50,000 level several times.

According to Mike McGlone, senior commodities strategist at Bloomberg Intelligence, Bitcoin is technically a well-rested asset with a discount on the bull market, which will continue to show better results.

The overall global institutional and retail interest in bitcoin is not weakening although China has imposed a complete ban on cryptocurrency transactions.

Digital assets are "too big to ignore," Bank of America strategists including Alkesh Shah and Jessica Reif Ehrlich said.

The next important factor in the instability of the cryptocurrency is regulation, which analysts think may have a positive effect in the long term.

According to Edward Moya's forecasts, the next major bullish rally will be triggered by the final approval of the bitcoin ETF.

The upcoming regulatory requirements could be disruptive in the short term. In addition, the headline drama around Bitcoin is not stopping: JPMorgan's CEO Jamie Dimon said that Bitcoin has no intrinsic value, and what will regulators regulate? They don't want to leave it alone.

On the other hand, the founder of Citadel Securities, Ken Griffin, told the Chicago Economic Club that the company does not trade cryptocurrencies due to regulatory uncertainty in this area.

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