Saturday, June 3rd, 2023

Bitcoin tested the level of $57 thousand.

At the end of last week, bitcoin rose against the dollar by 13.40%, to $ 54659. The active growth phase of the BTC/USDt pair occurred in the first half of the week. In three days, the growth of quotations amounted to 18%. The rest of the days the price was in a sideways trend with a range of 4.7% ($2550). Over the weekend, the price increase was 1.4%. On Sunday, buyers tried twice to gain a foothold above $ 56 thousand, but to no avail — the price returned to the level of $ 54333.

Several factors contributed to the growth of quotations:

  1. The assurances of the head of the US Federal Reserve Jerome Powell that the States do not intend to follow the path of China and will not prohibit the use or mining of cryptocurrencies.
  2. Due to the rally in oil and gas prices, investors have concerns about inflation. Gold cannot protect funds from inflation, so investors have chosen cryptocurrency as a protective asset.
  3. The family foundation of billionaire George Soros holds bitcoin. This was confirmed by Soros Fund Management CEO and Investment Director Don Fitzpatrick in a conversation with Bloomberg.
  4. The U.S. Securities and Exchange Commission (SEC) has approved an exchange-traded fund (ETF) Volt Crypto Industry Revolution and Tech ETF, which is designed to provide investors with access to publicly traded companies related to bitcoin.

On Monday, October 11, buyers shifted the maximum by $57049. Sellers are quite active, since the $56000-57500 zone acts as a strong resistance on the daily timeframe. After it, the road to the $60,500 level will open for buyers.

Ether rose to $3,623 against a high of $3,695 on October 8. For the ETHUSDt pair, the targets are 3895 and 4255. The rising dollar creates problems for everyone. They prefer to buy it before the US Federal Reserve meeting, which will be held on November 2-3. Investors expect a reduction in the QE program.