EXANTE analyst Viktor Argonov told BitCryptoNews why «weekend rally» bitcoin could not stop even the negative events that were observed in previous events.
The holidays were marked by the fact that Bitcoin broke through the psychologically important level of $ 7000, slipping a couple of days before that several other significant resistance levels. The breakthrough came despite the negative news background associated with the theft of 7000 BTC at the Binance crypto exchange (the withdrawal of funds could have been prevented by corrections), the controversial situation with Bitfinex and Tether, as well as large withdrawals (\ 21500 BTC) from wallets Bitfinex, Bittrex and Bitstamp.
According to Viktor Argonov, the rise in the bitcoin rate is due to a number of global reasons. In the near future, he expects the launch of a new service Fidelity, which will allow institutional investors to purchase, sell and store cryptocurrencies. May 20 is approaching when there is less than a year left before the bitcoin halving.
Moreover, positive sentiment is fueled by information about the transaction for replenishment. «whale» from May 12 in the amount of +47,000 BTC, as well as in the ranks of experts «trigger $ 20,000» – Specifications and models on the chart.. The EXANTE analyst is also fully confident that the bottom has already been passed.
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However, traders should be extremely careful. Bitcoin begins to grow rapidly during the Asian session, that is, at about 2 a.m. Moscow time. At the same time, several times after the overnight increase, the price of bitcoin sharply bounced back by several hundred dollars. During such a storm in the cryptocurrency market, one cannot unequivocally trust any analytics..
text: Ivan Malichenko, photo: Getty Images
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