Our weekly feature on Bitcoin. Our experts analyzed the market situation and told how it may change this week
Key points for the Bitcoin price this week:
- Continued regulatory pressure on crypto exchanges
- Negative market reaction to rising inflation in the U.S. and strengthening of the dollar
- Reduced risk appetite amid escalating conflict in the Middle East.
- The technical picture is generally on the side of the bulls, despite the weekly decline.
- Expectations of the current growth wave ending soon and the start of correction.
Bitcoin has shown volatile dynamics this week, reacting to various factors, both positive and negative.
On Monday, October 9, the price fell by 1.17% to $27,590. The main impact on the market was the growth of geopolitical risks on the background of the conflict between Israel and Hamas. And that led to the withdrawal of investors from risky assets, including bitcoin. In addition, since the beginning of the Asian session there was an increased demand for the dollar as a protective asset.
On Tuesday, October 10, bitcoin continued its decline by 0.72% to $27,390. It was negatively impacted by news from the crypto industry itself. It increased the pressure from regulators around the world on major cryptocurrency exchanges. Due to the increase in regulatory risks, buyer activity dropped noticeably, which caused bitcoin to fall.
On October 11, bitcoin continued to decline against the U.S. dollar – the price fell by 1.88% to $26,875. At the U.S. session, quotes were falling to $26,538. The crypto market continued to ignore the growth of stock indices and the weakening of the dollar on the forex, reacting to the negativity within the industry.
On Thursday, October 12, it continued its smooth decline by another 0.43% to $26,759. Low liquidity persisted in the market, with pressure now being exerted by the strengthening dollar. And the decline in the S&P 500 index and investors’ withdrawal from risky assets.
On Friday, October 13, the price rose slightly – by 0.38% to $26,862. In the morning there was growth on the positive from stock indices. But then, however, due to the deteriorating situation in the Middle East and Israel’s preparation for ground operation in the Gaza Strip, investors again began to get rid of risky assets.
This Week :
The BTC/USDt pair corrected by 50% to rise $24,901 to $28,580. BitRiver estimates that the advantage remains on the side of buyers, according to technical analysis. But given the continued pressure from geopolitical risks, the strengthening dollar, the decline in the S&P 500. And the ongoing crackdown on crypto exchanges by the U.S. Securities and Exchange Commission (SEC). And buyers are scared because of fears of a return to $26,600.
Our experts believe that the growth phase will last until November 9, so we continue to wait for the price to recover to the psychological level of $30 thousand.
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