04/07/2024 – 16:37
Bitcoin fell again today, in a volatile session in which it fell below US$ 57 thousand at its lows of the day. The scenario remains without new catalysts to drive a price increase, while analysts seek to interpret which price level is support for a possible sequence of falls of the asset.
At 4:30 pm (Brasília time), bitcoin was down 2.35%, at US$ 58,646.00, while ethereum was down 4.55%, at US$ 3,146.33, according to Binance.
“A drop below $58,000 will interrupt the bullish trend, breaking the support area concentrated in the form of the 61.8% level ($60,300), the 200-day moving average ($58,300) and the previous low ($58,200). In this case, be prepared for a drop to $51,000 with alarming consequences for the entire crypto market,” says Alex Kuptsikevich, market analyst at FxPro. From the current position, a 12% drop to $51,500 is more likely than the same growth to $65,800, which marks the 50-day moving average, according to Kuptsikevich.
Ana de Mattos, technical analyst and partner trader at Ripio, believes that, based on graphical analysis, this decline could continue until the price ranges of US$ 54,829 and US$ 51,290, as there is a lot of liquidity to be captured in these regions, and therefore, they will serve as support points. “This price correction is technically healthy, since we must consider that in the monthly chart, the asset’s price has been working on a relentless rise, without retractions to correct the price”, she points out.
Regarding the UK elections, Nigel Green of the deVere Group points out that, with Sir Keir Starmer’s Labour Party likely to win, Starmer’s position on crypto remains somewhat unclear at this point. In turn, he assesses that
A well-defined regulatory environment will provide clarity and certainty for businesses and investors. “By working closely with industry leaders and stakeholders, a Labour government can ensure that regulation is balanced, promoting innovation while safeguarding the financial system. This approach would make the UK an attractive destination for crypto businesses seeking a stable and supportive regulatory climate,” he concludes.
Even today, according to the AFPBolivia decided to suspend the ban on the use of cryptocurrencies as a means of payment, due to the shortage of dollars and fuel in the country.
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