Bitcoin adds only 0.7% in the last 24 hours. It seems so slightly to talk about, but this movement is really a key one for now. This level is the January high and a great signal to the bullish trend.
An interesting opportunity for purchases will appear at the moment when the BTC rate does not just pass the $4000 but also consolidates above it. Most likely, then optimism will prevail over investor uncertainty, reinforcing the potential of a bullish run.
But let’s be honest. If we stop looking for “happiness in trifles”, such dynamics cannot be compared with the last year collapses. As we remember, in just a month from November 14, the BTCUSD rate dropped almost vertically from 6200 down to 3100. At the same time, the uptrend which tried to restore justice since February 8, for the whole month and a half, managed to raise quotes by only 25%, from 3300 to 4100.
Even in the longer term, the situation does not look so optimistic. The Bitwise operator conducted an investigation, following the results of which it became clear that 95% of all BTC trading volumes on unregulated exchanges were just rigged. It’s strange but the fact remains: at the moment, the news had no effect on quotes. However, when market participants calm down, abstract away from their open positions and think a bit, the reaction is not long in coming.
As it became clear from the previous weeks, the most interesting thing on the crypto market occurs on days when “no one bothers”: during the weekend. It is likely that investors will analyse the data and will not be able to ignore such negative factors.
Meanwhile, it becomes clear: the major players are determined to press Bitcoin. Recently it became known that a Wuabit start-up is developing a crypto wallet for WhatsApp. To date, almost all the world leading IT companies are recruiting blockchain engineers for their projects and preparing awesome products. It seems to be “too late” and “irrelevant” but, however, there are so many participants of this trend that we are going to talk about the new crypto wave.
Entry of remittances, logistics, security, artificial intelligence and other areas of large public and transparent for regulators companies is able to drive the existing cryptocurrency back to DarkNet, from which it all started.
Alexander Kuptsikevich, the FxPro analyst