After the crash, Bitcoin has stabilized. There is a sideways trend on the chart of the main cryptocurrency. But this is not accurate, since its upper border has not yet been confirmed a second time, which means that there is a chance to see successive lows and the formation of a dyntrend.
Yesterday, the dotted line support level 53980.47 held its ground. After a false breakout, the price recovered, but has not yet reached the emerging resistance of 57513.35 (also a blue dotted line). If it reaches this border and bounces down, there will be reasons to expect consolidation in the sideways direction.
But there is also a second technically plausible scenario within these boundaries. And we are talking about an intermediate mirror level of 100 according to Fibo Expansion (55760.58). Yesterday it broke through in both directions, and today it does not let the price go up. And if it works as a resistance, then a breakdown of the border 53980.47 is not excluded when going south.
But these are local scenarios. And in the medium term, even if BTCUSD stops for some time in the sideways direction, there are two possible scenarios for the development of events. If there is a breakdown and consolidation below the support of 53,980.47, Bitcoin could fall to $ 50,000 per coin. And if the local resistance of 57513.35 is broken and the price consolidates above it, there will be a chance of recovery to at least $ 60,000 per BTC.
Meanwhile, interest in cryptocurrency assets has not subsided. Perhaps it was fueled by the sensational event of the past week. CoinShares, a digital asset management company, has published another report. It noted that from April 12 to 17, there was an increase in interest in cryptocurrency products. Investments in them increased by $ 233 million. This is almost a threefold increase. In March, the maximum investment volume reached $ 150 million.
It’s worth noting that this is the same week that Coinbase was listed. At the same time, the historical maximum for bitcoin was updated, as a result of which its price rose to $ 64,883 per coin. And in the end, the main cryptocurrency collapsed to $ 52,000.
From a report from Coinbase it became known that investments came in completely different cryptocurrency assets. There were $ 108 million invested in Bitcoin-related products, and $ 65 million in Ether-related products. Ripple-related instruments accounted for 33 million. Thus, the amount of XRP assets under management amounted to $ 83 million.
Also, during the week, there was an increase in the volume of trading in cryptocurrency investment products by 59%.