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Bitcoin fell down again


The first cryptocurrency in the world fell down again on Tuesday. This time, the bitcoin quotes dropped even lower than during the fall in May. At the moment, the price dropped to $29,150 per coin. So yesterday, Bitcoin worked out two important support levels at once - $31,100 and $29,700. And these levels really supported the "digital gold" quotes, which went back up after they worked out. Earlier, we said that Bitcoin may be inside a side channel capped at $40,700 and $31,100. It was after the rebound from the upper border of this channel that the fall began, which led the cryptocurrency to the lower border. Thus, considering that bitcoin has already bounced from the lower border, it can be assumed that quotes will grow towards the upper border of the channel. But given the fundamental background, it will be extremely difficult for Bitcoin to do this. Recall that the last couple of days, the entire cryptocurrency world has been discussing new tightening in China, where the Central Bank has banned commercial banks and other financial institutions from participating in transactions with cryptocurrencies. In addition, there is already a ban on cryptocurrency mining in four regions of the country, and Chinese journalists cite a figure of 90%. This is how many miners can leave China or simply end their activities due to the ban on mining cryptocurrencies. All of this news is really bad news for Bitcoin. As you can see, no matter how hard MicroStrategy tries, purchasing bitcoins in batches does not help the bitcoin rate itself that much. This is not surprising, since bitcoin is an exclusively investment instrument. Accordingly, if the price for it falls, no matter how trite it may sound, demand also decreases. It even turns out to be a vicious circle. The demand decreases and therefore the price decreases. The price goes down and therefore the demand goes down. In general, bitcoin remains an instrument, the value of which depends solely on how strong faith in it and in its further growth is at a given time. Considering that the fundamental background is deteriorating day by day, it is hardly possible now to count on a serious strengthening of "digital gold". We said earlier that we are sticking to a "correctional scenario." In the current environment, Bitcoin can only rely on technical growth, for example, inside a sideways channel. In general, Bitcoin can spend the next couple of years in consolidation, during which it will probably fall in value more than once. Recall that after the end of an upward trend for several years, bitcoin always goes into the shadows and can lose up to 90% of its maximum value achieved in this trend.


In technical terms, bitcoin fell to the support level of $31,100 and to the last local low of $29,700, and now it can turn up and start a new round of movement to the upper limit of the side channel – $40,700. Thus, a rebound from the level of $31,100 will trigger the beginning of a new round of upward movement inside the flat. The consolidation of bitcoin quotes under the level of $31,100 may signal the readiness of the cryptocurrency for a new fall. Recall that many crypto experts speak in favor of the fact that the main cryptocurrency will continue to fall in price and may fall to $19,000 - $24,000 per coin.

The material has been provided by InstaForex Company -