“It is the first time since November 8, 2022 that Bitcoin exceeds 20,000 and follows 11 days of gains”, picked up MarketWatch.
What analysts expect
“From a technical point of view and in line with the existing correlation with risk markets, crypto assets and Bitcoin in particular have not been left out of the stock market. Bullish reaction and brake at the reference of US$21,000. That is the resistance zone to beat to think about moves up to $22,000 and the wall that marks overbought and an increase in positive sentiment make us be, at least, very cautious.”, explains Javier Molina, senior market analyst for eToro.
“Supports in the mentioned areas of US$18,800. Losing that reference would again generate a negative bias at 24,500. However, after the strong rise, levels of and new falls”, adds this expert.
Even in terms of capitalization, Bitcoin gains positions, although the increase in other cryptocurrencies minimizes its position with 39.5% of the total, with its almost 400,000 million worth and the 1.01 million global cryptocurrencies in the market. And if we look at the fear and greed index, the improvement is more than substantial, since it evolves to neutral and doubles the levels of last week, up to 52.
But with an eye on the reality that surrounds the cryptocurrency market, it will not be easy, even though, Hit $21,000 for the first time since the FTX crash It is an example to follow, once they also say they have recovered more than 5,000 million in assets with which to pay part of what they owe.
From Oanda, its analyst Craig Erlam points out that the return to that perception of risk is what has brought it out of the “pit of despair”. to Bitcoin. And it is that investors expect an upward movement of the cryptocurrency that will return it above 21,000 dollars, a psychological level to be considered as the one that involves the true potential as a sign of reactivation of the asset in the market.
Source: Ambito
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