Many analysts in the digital currency market expect the price of bitcoin to continue to fall in the range of $ 40,000, and this level will again determine the fate of the market. In addition, they say, bitcoin is now in a situation where a significant proportion of traders are willing to leave the market temporarily to avoid further losses.
According to the Coin Telegraph, the trend in bitcoin prices continues to attract investors. Given concerns about the global economic situation and rising inflation, market participants expect rising US bank interest rates to further damage the market.
Last week, bitcoin began its 20% growth in the $ 37,000 range and then stopped on February 11 (February 22) near the $ 43,000 support zone.
An analyst and trader nicknamed Crypto_Ed_NL posted the following chart on Twitter, explaining how the bitcoin trend could be bullish or bullish.
Looking at the updated Bitcoin chart, we find that nothing has changed. I think the price of bitcoin will move to $ 40,000. If he is supported in this area, he will jump to $ 48,000, and if he loses support, his price will fall further.
At current levels of bitcoin, traders are trading digital currency with outrage, according to a new article from the Delphi Digital Research Institute. Much of the increase in their desire may be due to the increase in the price of bitcoin by $ 12,000 compared to the floor on February 4. According to the institute, bitcoin now faces a certain resistance, which can be seen in different periods of time.
As the price of bitcoin approaches its stable, weekly and monthly resistance, Delphi Digital analysts explain that this area could be the roof of the bitcoin channel for all participants in the digital currency market. In this case, as several resistances have collided in this area, and also under the influence of the speed and scale of the recent downward trend, traders in this area can be expected to think about leaving the market and reducing the risk of their trading positions.
The company emphasizes that bitcoin will receive significant support in the range of $ 40,000 to $ 41,000. Its next support is in the region of $ 38,500.
According to Digital Delphi, if bitcoin enters a downward trend, the zone will have its first resistance from $ 46,000 to $ 48,000.
The report states:
In this area, supply (sales) is expected to increase according to the situation on the schedule of daily, weekly and monthly intervals; As a result, there is probably a lot of resistance at this level. If bitcoin can pass this level, it will probably rise to $ 50,000.
In addition, Delphi Digital explained that with the relative return on the market, the capital flow of institutional investors has also been positive in the last few weeks.
According to Delphi Digital, Grayscale is the largest institutional investor in the market and owns 65% of the assets of corporate investors. However, the company predicts that the current situation will change.
Delphi Digital said in its report:
Excluding Bitcoin and Atrium, Bainance Coin and its affiliates continue to attract the largest amount of assets under management. In addition, institutional investors seem to be interested in digital currencies such as the Solana.
Another trader, nicknamed IamCryptoWolf, posted the following chart on Twitter, predicting a possible route for bitcoins.
Everyone says that the price of bitcoin reaches 46,000 dollars. What if Bitcoin follows the opposite pattern? In this case, the price goes up first to $ 50,000, then to $ 46,000, and then to $ 60,000.
Analysts’ publication: The price of bitcoin has reached the range of “outbound market” appeared for the first time in digital currency.