Bitcoin is currently quiet at $ 34,000
Bitcoin, the world’s largest cryptocurrency, lost 11 percent of its value by yesterday morning, East American time, dropping to $ 31,000.
Lower digital coins also recorded high losses, with ether falling by almost 13 percent to $ 2,368 and XRP by more than 12 percent.
In April 2021, it looked like this would be a take-off year for digital assets, with bitcoin reaching $ 64,850 for the first time ever. However, the recent fall in prices has shaken confidence in crypto markets. Bitcoin sank to nearly $ 30,000 last month, and is currently down nearly 50 percent from its historical record.
The value of this digital coin is now only 9.0 percent higher than at the beginning of the year, but it is still more than tripled compared to the price a year ago.
The specific reason for the new wave of sell-offs is unclear, according to CNBC, but notes that it may have been caused by concerns about the security of cryptocurrency after US officials recovered most of the ransom paid by hackers by hackers who carried out a cyberattack on the Colonial Pipeline pipeline in the US last month.
According to court documents, investigators managed to access the passwords for the hackers’ bitcoin wallet. The money was returned by a newly formed working group in Washington, which was established as part of the government’s response to the growth of cyberattacks.
Looking at the chart on the daily time frame, we see that bitcoin is increasingly attacking support at $ 30,000. And we can’t rule out that the price may drop below that, and visit the zone at $ 20,000. Today, the price of Bitcoin is stable at around $ 34,000. For the bullish option, we need a break above the moving averages of MA20 and EMA 20 in the zone around $ 36,000 and then attacking the previous high to $ 40,000. Looking at the MACD indicator, we are deep on the bearish side, with the current sideways movement of the indicator, and it is not of any help to us at the moment.
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