Yesterday, the first cryptocurrency in the world rose to $40,478. We predicted earlier the growth of bitcoin to the level of $40,700, which, from our point of view, is the upper limit of the side channel. Unfortunately, this level was not worked out, but the price still turned down around it. Thus, it can be said that the bulls' ambitions are satisfied, and the cryptocurrency can now start a new round of downward movement in the same side channel of $29,700 - $40,700. This morning, bitcoin quotes have already rolled back from local highs by $3,800. Thus, the last few days have turned out to be very hot and fun. Like most experts, we believe that bitcoin has completed the bullish trend and has begun a long-term consolidation, which will take at least a year or two. It was all the more surprising to see the growth of "digital gold" by almost $11,000 in just a few days. However, as is often the case, bitcoin grew because of rumors, the statements of Elon Musk, and blind faith in a new trend of market participants. However, it is also impossible not to note the technical reasons for growth. Bitcoin just perfectly worked out the level of $29,700 and bounced off it. This signal turned out to be strong, so bitcoin rose to the level of $40,700. But it should also be noted how easily and simply interested people raised the bitcoin exchange rate.
Yesterday, we said that according to unofficial, insider information, Amazon plans to integrate bitcoin and several other cryptocurrencies into its activities. Simply put, they may enable customers to pay using bitcoins. But today, this information turned out to be just a rumor. A Bloomberg journalist contacted representatives of Amazon, who denied this information. According to Amazon, the company plans to develop cryptocurrencies, but we are not talking about launching its own token or adding the ability to pay for goods with bitcoin in the near future. A little later, it became known that the author of this news openly admitted its fake nature, writing a corresponding message on Twitter. Thus, the market easily and simply added more than $5,000 on absolutely fake news, and it easily and simply lost the same amount the next day. But someone has made a very good profit on this. We once again draw the attention of traders to the fact that bitcoin is a very hearing-dependent instrument and very volatile. Therefore, any message should be treated very carefully. There are always a lot of people who are interested in the growth of bitcoin and will spread any false information to provoke the markets to make new purchases.
Technically, bitcoin has grown almost to the target level of $40,700, but it has already turned down and started falling. Thus, we believe that bitcoin can now fall back to the level of $29,700 and try to overcome it again. Therefore, we believe that sales are more relevant now.
