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Bitcoin can't bounce back from the fall

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cryptonotes
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Bitcoin is still struggling to recover from the 15.8% drop to 50,931 USDT. During the fall, eight exchanges were forcibly liquidated long positions in bitcoin for $ 4.87 billion, including on the Binance exchange - for $ 1.97 billion.The daily volume was 124.88 thousand BTC (less than in February 2021) ... At the end of the day, the price bounced 10.2% to 56,150 USDT.

On that day, two pieces of news could have triggered a market crash:

  • Rumors that the US Treasury Department may soon accuse a number of financial institutions of using digital assets for money laundering.
  • Hashrate collapse by 40% due to a massive power outage in the Chinese province of Xinjiang.

At the time of writing this review, one bitcoin gives 55865 USDT. Sellers were unable to drop the rate below 50,427 USDT (March 25, 2021 minimum). According to technical analysis Up - the trend has weakened, but not broken. The crypto market is supported by positive news. Falls are bought off from 53,350 USDT.

  • Payment service Venmo, owned by PayPal, has added support for Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
  • The Nasdaq exchange will offer options based on the shares of the cryptocurrency exchange Coinbase.
  • The American TIME magazine has begun accepting digital assets as a payment method for subscriptions as part of its partnership with the Crypto.com payment platform.
  • For the first time, the Central Bank of China called bitcoin an investment instrument. Deputy Governor of the People's Bank of China (PBOC) Li Bo called them an alternative investment asset. The regulator does not consider Bitcoin and other cryptocurrencies to be full-fledged currencies, therefore, they gave them a place in the investment plane

Current situation:

From the drop from 64854 to 50931, the price recovered approximately 50%. Buyers lick their wounds after liquidation and slipping in the footsteps. Their activity can be expected after the rate rises above 58600. If the price remains trading below 58.6 thousand until April 21, 10:00 UTC, then you need to be ready to renew the minimum of 50931.

Of the positive factors, it is also worth highlighting the general weakening of the dollar in Forex and the growth of stock indices. The S & P500 index renewed its all-time high at 4170.75 points.

Posted Using LeoFinance Beta