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What will happen to the crypto market this week? BitXmi analysts’ forecast

crypto market

What will happen to the crypto market this week? BitXmi analysts’ forecast

Crypto market this week. What will happen? Recently, bitcoin unsuccessfully tried to overcome the $ 36 thousand mark. BitXmi experts explained why a surge in volatility and a possible exit of quotations from the $ 32-36 thousand range may occur in the coming days.

This week, bitcoin approached the $ 36 thousand mark, but could not overcome it and gain a foothold at this level. Quotes of the first cryptocurrency have been in the range of $ 32-36 thousand for several weeks already. BitXmi experts have given a forecast of what may happen to the digital asset market in the coming days.

Market under pressure

At the moment, the crypto market is under pressure from the crisis, threatening a slowdown in the economy due to the coronavirus and a possible tightening of policy to digital assets by the leading powers BitXmi experts say. According to them, there are no factors yet that could increase or decrease the demand for cryptoassets, and it is this balance that is key for bitcoin and altcoins.

“Investors suffered great losses during the collapse of the exchange rate, so they are in no hurry to trust and re-invest in risky assets,” experts say.

Breakdown possible

Most of the indicators suggest that we do not have to expect Bitcoin to exit the range of $ 30-40 thousand, which has lasted for seven weeks. For more than a month, there has been parity of bulls and bears on the market.

On the other hand, a long lull can end very abruptly, as indicated by the Bollinger Bands indicator, reflecting the cyclical nature of the cryptocurrency market’s volatility. This figure recently dropped to a two-and-a-half-month low, which could portend high volatility in the coming days. However, it is impossible to predict in advance in which direction the breakout will be directed using this parameter.

According to the most optimistic forecasts, a spurt may force the Bitcoin price to return above $ 36 thousand, which in the long term may provoke an increase to $ 41-42 thousand. However, a negative scenario in which a breakdown will be below the resistance level of $ 30 thousand will be the next critical support point will be the $ 28,000 mark.

What signals should a crypto investor follow?

By the end of next week, the difficulty of the Bitcoin network will be recalculated again, and it’s worth watching how much more this indicator will fall. If the difficulty drops by less than 15%, it can be assumed that the shutdown of bitcoin miners in China has already been completed, and the network has begun to recover due to the connection of new computing power outside of China.

In early July, during the last recalculation, the difficulty of Bitcoin mining fell by a record 27.94%. According to the forecast of BTC.com, during the next recalculation, the difficulty of mining the first cryptocurrency will decrease by another 28%.

Mining difficulty is a parameter inherent in the blockchain that sets the required amount of power to find one block. The complexity of the network correlates with the hash rate. The higher the hash rate, the greater the difficulty of mining and vice versa.

It is also worth keeping a close eye on the story with the Binance crypto exchange since the tougher rhetoric against the largest crypto exchange by trading volume can put pressure on the bitcoin rate. Read more about bans here.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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