24.06.202112:22 Forex Analysis & Reviews: Bitcoin is in a dilemma

Exchange Rates 24.06.2021 analysis

Bloomberg Intelligence believes that if the Bitcoin market turns in a bullish direction, it may be more stable than before, and the current June prices will one day become cheap.

Bitcoin tried to start recovering after its short-term decline below $ 30,000 and the elimination of all profitable trades for the year who did not have time to exit positions. Yesterday, it traded above the level of $ 33,000, which is 15% more than last year.

According to McGlone, this cryptocurrency is setting a new trading range.

Investors who prefer to buy on a long-term basis are gaining momentum in relation to the reference cryptocurrency.

Exchange Rates 24.06.2021 analysis

In addition to this, China's tough measures imposed against bitcoin mining will eventually play a role in favor of increasing the price for long-term investments by limiting supply.

It is worth noting that China's state-run news agency Global Times reported over the weekend that more than 90% of China's bitcoin mining capacity would be shut down soon.

Moreover, the People's Bank of China said it has called on major banks and Alipay, a payment service operated by Ant Group, a subsidiary of Alibaba, to take tough measures against cryptocurrency trading.

McGlone said that in terms of future price direction, the cryptocurrency is more likely to return to $ 40,000 rather than drop to $ 20,000.

Another factor supporting bitcoin is the growth of global debt relative to GDP and widespread quantitative easing, combined with the digitalization of finance.

"The world is moving to digital technologies at about the same pace as the growing levels of monetary and fiscal incentives. Now, there are favorable macroeconomic trends for the growth of the bitcoin price," McGlone said.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Irina Yanina,
الخبير التحليلي لدى شركة إنستافوركس
© 2007-2022
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade

  • تداول بحكمة، اربح جهازا
    قم بتعبئة حسابك بمبلغ لا يقل عن 500 دولار ، واشترك في المسابقة ، واحصل على فرصة للفوز بأجهزة الجوال.
    انضم إلى المسابقة
  • فيراري من إنستافوركس
    قم بتعبئة حسابك بمبلغ لا يقل عن 1000 دولار
    انضم إلى المسابقة واربح فيراري
    إف8 تريبوتو
    انضم إلى المسابقة
  • إيداع الحظ
    قم بإيداع مبلغ 3000 دولار في حسابك واربح 1000 دولار
    انضم إلى المسابقة
  • بونص 100٪
    فرصتك الفريدة للحصول على بونص 100٪ على إيداعك
    احصل على بونص
  • بونص 55٪
    تقدم بطلب للحصول على بونص 55٪ على كل إيداع
    احصل على بونص
  • بونص 30٪
    احصل على بونص 30٪ في كل مرة تقوم فيها بتعبئة حسابك
    احصل على بونص
لا تستطيع التحدث الآن؟
اطرح سؤالك في الدردشة.