December 6, 2022

1businessguide

1businessguide

Bitcoin retreated from $49200

 

Bitcoin closed last week with an increase of 11.68%, to $48200. The largest increase in quotations was recorded on Thursday and Friday. During these two days, the price has increased by 16%. On Sunday, the price rose to $49228. The rally in the market caused a message that the US does not plan to ban cryptocurrencies. This was stated by the head of the US Federal Reserve Jerome Powell at a meeting of the Financial Services Committee of the House of Representatives.

At the level of $ 49 thousand (the maximum zone of September 18), buyers were rebuffed. At the time of writing the review, the BTC/USD pair is trading at $47590. Buyers retreated from the maximum on the news from Hong Kong, where they suspended trading in shares of the Chinese developer Evergrande. In addition to Evergrande Group, trading on shares of eight other companies was suspended.

Fears that the Evergrande Group debt crisis could spread to the entire Chinese real estate sector have reduced investors’ appetite for risky assets. This is evidenced by the downward dynamics in the stock markets.

According to technical analysis, the trend towards the growth of quotations remains.

Buyers need to gain a foothold above $50 thousand to update the maximum of $52920 from September 7. The price recovered by 20%, from $40,753 to $49,228. When the price passes tens of percent in a few hours, then it consolidates for 6-7 days. Therefore, the longer buyers delay, the higher the probability

The support is the level of $46800. If it does not stand today, the correction will increase to $45200. Bitcoin is currently being hindered by falling futures on American stocks. On the other hand, there is support from the cheaper dollar (correction after a multi-day rally).