The 61.8% Fibonacci level for Bitcoin is somehow bewitched. Over the past 10 days, the price bounced off it at least 4 times, after which it overcame, and after all, a new round of corrective movement began. We have been saying all the last days that the corrective scenario still remains the main one for the first cryptocurrency in the world. And there are several reasons for this at once, the main one of which is the decrease in demand for bitcoin and the flow of capital from bitcoin to altcoins. The influx of new investments is now not enough for BTC to continue to grow. We also said earlier that the uptrend is clearly drying up, and the cryptocurrency cannot grow constantly. Therefore, in general, we continue to believe that Bitcoin should collapse in the near future to $ 47,000 per coin. Of course, it will be extremely difficult to continue falling even lower, as institutional investors are unlikely to allow this to happen. Recall that when bitcoin falls, when most investors are retail, small or “hamsters”, everyone immediately begins to dump their coins, which leads to a collapse of 80-90% of the value. However, now a large number of “cue ball” coins are concentrated in the hands of institutional investors, who are unlikely to throw off the asset at the slightest price decrease. However, “digital gold” may drop to $ 47-43 thousand.
Meanwhile, representatives of one of the largest and most famous cryptocurrency exchanges Binance, which even has its own cryptocurrency, Binance Coin, announced on Monday that it would suspend the withdrawal of any assets. “Our team is working on this. We apologize for the inconvenience caused and thank you for your patience, ”the official statement said. The reasons for this suspension were not named. This gave rise to a little panic in the cryptocurrency market, as bad thoughts about the exchange immediately came into my head. Are there not many cases when this or that financial institution has crashed? Bitcoin fell by about 2.5 thousand dollars on Monday, and this news may become the basis for a further decline in bitcoin quotes. The question now is how quickly Binance would like to explain to the markets what is happening and how quickly it will fix the problem. So far, Bitcoin has found support for itself near the Senkou Span B line, which coincides with the 38.2% Fibonacci level – $ 53,800, but if the situation with the exchange is not clarified today, then Bitcoin may continue to fall in price only on this one news.
Meanwhile, the Swiss holding UBS Group announced its readiness to provide large clients with the opportunity and appropriate services for trading and storing cryptocurrencies. Thus, UBS Group has added to the list of the largest banks in the world that have integrated or will do so in the near future in their cryptocurrency activities and will open access to their clients to work with them. The world continues to accept Bitcoin and expand the opportunities associated with it for every person. However, will this help Bitcoin continue to grow?
In technical terms, the “cue ball” has consolidated below the 61.8% Fibonacci level, so now a correctional scenario is again more promising. We are still waiting for the cue ball to fall to the previous local minimum of about $ 47,000 per coin. At the same time, a rebound from the Senkou Span B line or a new consolidation above the 61.8% Fibonacci level will again allow the cryptocurrency to grow.