After three days of decline, the bitcoin exchange rate is trying to return to growth, but it is too early to talk about the resumption of the upward momentum – quotes may again attract sales on the rise and end up in negative territory. The nearest barrier for bulls is now the mark of 63 thousand dollars, while the intermediate resistance is around 62,500 dollars. As long as this zone is not breached at the daily close, downside risks will remain in force.
At the same time, local sales are still limited to the level of 59 thousand dollars.
Since last week, the main cryptocurrency has been flirting with a 20-day moving average, which is now showing a slight upward bias and is passing slightly below the $61,500 area today. The fact that the price has seized on this SMA speaks not only about the consolidation phase in an attempt to determine the vector of further movement, but also about a decrease in the volatility of BTC, which has been located in a relatively tight (for a mobile cryptocurrency market) range for a week and a half, when the rate began to adjust from new record highs.
A more moderate market dynamics and less aggressive fluctuations both within the day and on longer-term charts play into the hands of bitcoin’s prospects, which can thereby attract more potential investors, many of whom are just hesitant to enter the game due to high volatility and corresponding risks in this asset class. Of course, it will take a lot of time for crypto assets to fully “mature”, but still this is a step forward, especially given the dangerously high levels at which the first digital currency is currently being traded.