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The Bitcoin Rate Has Been Growing in the Last Week

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The bitcoin rate

The bitcoin rate has been growing in the last week. What will happen next?

The bitcoin rate

BitXmi experts tell in which case bitcoin will update its historical maximum, and what can lead to a drop in quotes

Bitcoin has shown positive dynamics in the last week – its rate on the BitXmi crypto exchange since January 27 has grown from $ 32.4 thousand to 36.8 thousand at a maximum on February 3. At the moment, the first cryptocurrency is trading at $ 38.1 thousand per coin.

Among the factors that influenced the growth of cryptocurrency in recent days is the Elon Musk factor. The billionaire, whose Twitter posts often influence the quotes of an asset, added the #bitcoin hashtag to his account description (read here). After that, the bitcoin rate on January 29 for the first time in 10 days exceeded $ 37 thousand, adding almost 20% per day.

In this article, BitXmi experts will tell you what to expect from bitcoin in the near future.

Support levels

Now the bitcoin rate has formed a “support level” in the region of $ 29 thousand per coin – in January, with a decline in the rate, this level “withstood” four times. If this level is “broken”, a sharp drop in the value of the asset to $ 24 thousand is possible, experts say.

Above, the milestone level for the coin is still the historical maximum of $ 42,000, reached on January 8. If it is overcome, the quotes will quickly rise to $ 45 thousand, experts predict.

“Hard” Factor

The only “hard” factor that can be relied on in Bitcoin forecasts is the behavior of financial regulators. One of the latest news from this area is that the Indian parliament is about to consider a law banning all private cryptocurrencies in the country and create a legal framework for its official central bank digital currency. While this is an implicit threat, but such news will undoubtedly affect the bitcoin rate, experts emphasize.

The capitalization of bitcoin is relatively small, so the asset is subject to manipulation: it is quite easy for large players to “swing” its rate in one direction or another, analysts add. The demand for the coin is now multidirectional. On the one hand, many investors take profits and close positions, on the other hand, more and more institutions are entering Bitcoin.

Read actual crypto news and forecasts every day on https://news.bitxmi.com/

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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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