Analyst ICB Fund: «Partial recovery of the crypton not guarantees the resumption of growth»


On Thursday, Bitcoin’s course tested the mark of $ 38 thousand, touched upon the upper boundary of the triangle formed from May 19. From a minimum of June 8, less than two days, the growth was dizzying 24%.

Such mini-rally are also characteristic of bearish markets, and for BTC with its volatility is in the order of things. While we can talk about the forced «unloading shorts», before that the consensus of the return to $ 25,000 — 30,000 has already been formed on the crypton, and according to the laws of market dynamics, everything is true or through a very nitlyant path.

News from El Salvador with all due to all due to the leader of this country and those cryptoentziastam who saw in this sign of broad adoption of digital currency, this is still an insufficient driver. Much more important than the position of regulators and institutional investors, which, as noticed in JPMorgan, judging by the continuing backword, until they hurry to return to the cryptocurrency market.

Regulatory pressure is saved. In China, in three provinces actually

Arrested persons allegedly related to money laundering through cryptocurrency. The SEC Chapter in the last interview again focused on the need to protect consumers, dispelled the hopes for the quick approval of Bitcoin-ETF. The prominent American senator Elizabeth Warren urged to deal with the «wildest West» in the digital assets market.

On Thursday, the market has reacted positively to the news from the Basel Committee on the development of standards for those credit organizations that deal with digital assets. This is a sign of legitimization, but hardly the requirements will be «mild», taking into account volatility in May. They may also be «barrier.» While it is rather a step backwards compared with the situation at the beginning of the year, when the management of the monetary circulation controller consisting of the US Ministry of Finance began to issue licenses of trust banks to cryptostarta.

Technically, Bitcoin reached the upper limit of the triangle, from where it can resume a smooth decrease in the area of $ 32,000 with the chances of implementing a negative scenario above. Fastening over $ 38,000 for bulls will not be a victory — the reversal application will have to confirm the breakdown above $ 41,000. Then it will be possible to talk about the completion of the consolidation and the beginning of a new pulse up. According to Altkoinam, the situation on these days has not changed in principle. It remains neutral, which leaves the variant of the retail of May minima in force.

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