Bitcoin continues to hover around the psychological level of $60,000, as well as near its all-time high of $61,700. Yesterday, there were hopes that a new round of downward correction would begin, but the bitcoin quotes rose in price again in the second half of the day. Thus, for the seventh day in a row, BTC is trading in a relatively narrow range for itself and makes many traders and investors wonder where the rate will move next. From our point of view, the longer the exchange rate is close to its highs and stands still, the more likely it is that the cryptocurrency will continue to grow. It has been previously noted more than once that it is time for bitcoin to seriously adjust. But the movements of recent weeks clearly show that market participants are not ready to massively sell bitcoin at its current value. However, there is not much inflow of new investors at the moment, so the exchange rate cannot also continue to grow to new highs. In general, the situation is ambiguous. No one is used to the fact that bitcoin is standing still in the midst of an upward trend. By and large, everything depends on whether someone's nerves will not give up. The cryptocurrency market is a very thin market. Selling only 10,000 coins can bring down the bitcoin exchange rate by 1-2%.
According to CoinGecko, the capitalization of the cryptocurrency market has grown above $2 trillion. This time, the main driver of growth was not bitcoin, which has been standing still for a couple of weeks. The driver of the growth of the cryptocurrency market was Ethereum, which recently once again updated its maximum value around the level of $2140. Thus, the popularity of cryptocurrencies in the world continues to grow, but this may no longer play any role for bitcoin. BTC is already the most popular currency in the world. All innovations relate primarily to bitcoin. Thus, to continue the growth of its quotes, specific actions of investors and potential investors are needed. We need strong fundamental information that can convince traders that the number one cryptocurrency in the world will continue to rise in price. After all, the cryptocurrency market is a hype market. Cryptocurrencies are growing at a tremendous rate, which is clearly not expressed by specific fundamental reasons. Simply put, any cryptocurrency is growing absolutely undeservedly (meaning high rates), since it itself is not becoming more scarce or more useful. Moreover, most owners of cryptocurrencies do not even pay with them, since for them "digital assets" are an investment tool, not a means of payment. So, it turns out that Bitcoin, which was originally created as a decentralized monetary system, is now the number one investment vehicle in the world. At least, the most well-known one.
In technical terms, bitcoin was on the verge of breaking the $52,300 level for several days. But in the end, the bulls still held the initiative in their hands and a new round of upward movement began. However, buyers still fail to overcome the level of $60,000. Thus, the number one cryptocurrency in the world now needs an influx of new investors, otherwise most of the market participants may consider that the current value of BTC is this maximum and start getting rid of it. These are the two important supports for bitcoin: $52,300 and $44,000. Overcoming any of them can provoke a strong downward movement.
