Bitcoin pondered in the range


The launch of two exchange-traded funds for bitcoin, ProShares Bitcoin Strategy and Valkyrie Bitcoin Strategy, approved by the U.S. Securities and Exchange Commission, created a stir in the ranks of buyers of the main digital currency, sending it to new record highs last week. Subsequently, bitcoin slightly adjusted on profit-taking, but continues to stay afloat, and, more importantly, does not violate the integrity of important support in the form of a 20-day moving average.

At the beginning of the week, the bitcoin exchange rate rose slightly, finishing around $ 62,500. Today, the quotes are stuck in a tight range, oscillating around the opening levels. In favor of the fact that BTC can spend some time in consolidation mode, says the fact that now there is an active withdrawal of digital assets from exchanges. So, over the past day, players have withdrawn over 38 thousand from the Binance cryptocurrency platform. BTC for $ 2.3 billion.

At this stage, market participants may need time to decide on a further strategy

On the one hand, in the wake of recent records, the so-called FOMO syndrome plays a role, which is expressed in coin purchases out of fear of “falling behind the train”. On the other hand, players may try to lower the rate below the $60,000 mark in order to buy at a better price. In any case, the prospects, including long-term ones, remain favorable and improve as the adoption of cryptocurrencies increases.

In the near future, bitcoin needs to gain a firm foothold above the level of 63 thousand dollars in order to return to growth and test the historical peak of 67 thousand, the breakdown of which will clear the way to the psychological mark of 70 thousand. Otherwise, the level of 60 thousand and the aforementioned moving average, which is currently located around 59,500 dollars, will be at risk.