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BCA Research warned investors to ‘stay away’ from the largest cryptocurrency (BTC). Elsewhere JPMorgan said that flows to Bitcoin funds are significantly weaker than in December. Should traders worry about that? Let’s find out.
After a huge sell-off in the previous week, Bitcoin turned to the upside. Some analysts believe it’s only the beginning of the further downtrend. Why? BCA Research pointed to the environmental concerns and tightening regulations as the main headwinds.
Indeed, a huge amount of energy is needed to mine Bitcoin. Thus, some environmental funds may be against the large energy consumption by miners on computer networks.
Besides, governments are interested in BTC losing its value as they don’t have enough tools to regulate it. Moreover, they can lose billions of dollars in revenue from the difference between the face value of money and its production cost.
However, the BTC is still up more than five times over the past year! A strong argument against people who see a speculative bubble. For instance, Square and MicroStrategy used the recent BTC drop as an opportunity to buy the dip.
In the short term, the BTC is likely to rise as the downside is limited by the support of $45,000, which the cryptocurrency has failed to cross several times. If it manages to break above the high of February 24 of $50,000, the way up to the next resistance of $52,000 will be open. The good news for FBS traders is that they can make both buy and sell trades. So a trader doesn’t need to hold already an asset to sell it. Thus, traders have a chance to profit in case of either outcome.
Don't know how to trade cryptocurrencies? Here are some simple steps.
We love trading weeks like this one, filled with impactful events, crypto-crashes, economic releases, and political decisions from global leaders. The day has a lot to offer, so let’s take the most from it!
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Good morning, dear traders! Hope you’re doing great! Let’s talk about the news that is worth following today! Key market events: 15:30 MT, CAD GDP m/m 17:00 MT, GBP BOE Gov Bailey Speaks Oil is tensed again Oil rose as China refined its approach…
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
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