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Bitcoin is above $ 32K. What will happen next?

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Bitcoin is above $ 32K

Bitcoin is above $ 32K. What will happen next?

Bitcoin is above $ 32k. The first cryptocurrency began to actively rise in price after yesterday it updated the local minimum at around $ 29 thousand. There are several reasons explaining the growth of asset quotes.

On Wednesday, June 21, the bitcoin rate on the Bitxmi.com crypto exchange reached $ 32.4 thousand. At the time of this writing, the first cryptocurrency is trading at $ 32.1 thousand, over the past day it has risen in price by 8%. The asset price began to rise after it fell to $ 29.2 thousand on Tuesday for the first time since June 22.

Bitcoin is growing at the same time as other assets such as S&P500 futures and oil. According to BitXmi experts, yesterday’s fall in the stock and commodity markets and the subsequent rebound were perceived by traders as a good opportunity to close down positions in positive territory.

“Since the movement of bitcoin is often synchronized with other speculative assets, we can talk about a temporary movement in the same channel with the classic markets. However, the continuation of the upward movement should be supported by significant news events, which are not yet available, ” – the experts warn.

Bitcoin started to rise on expectations of The B Word conference (started on July 21). It will feature well-known personalities for the market, including the billionaire Elon Musk. Experts believe that the head of Tesla is expecting new bright statements that can push cryptocurrencies to grow. In addition to Musk, the conference will also feature keynote speeches from ARK Investment Management LLC founder Katie Wood, Twitter CEO Jack Dorsey, and Square Crypto CEO Steve Lee.

“Now, if there is a positive, growth can be fast and short (bitcoin can rise in price to $ 33-34 thousand. attack on cryptocurrencies). And these circumstances are much more important for the market than the words of the founder of Tesla “, – underline the experts.

BitXmi experts call the current market situation a small bounce. The market has not yet returned to growth, and if the reversal does not happen, then the price of the first cryptocurrency may drop to $ 27 thousand. Yesterday, during the pullback, the market was in a bullish mood. Despite the current growth in bitcoin quotes, trading volumes remain low. Therefore, experts expect the rate of the first cryptocurrency to remain in the $ 30-40 thousand corridor.

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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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