Bitcoin decline is getting postponed

Cryptoeconomics

Thursday allowed Bitcoin to consolidate in the green zone. “Digital gold” is currently trading at $3,602 with a change of +0.75%. Throughout the past day, there was a tendency to reach an important level of support. But the new wave of purchases did not allow sellers to take precedence. Also, the price chart is testing the resistance level of the downward channel. This, in turn, contributes to a negative scenario.

Other cryptocurrencies replicated the “big brother’s” trading trend. Ethereum is trading at 117.10 with a change of + 0.39%, Ripl has consolidated at the level of 0.317348 gaining 0.71%.

The capitalization of the digital currency market has risen to $120 billion. We note that with such an increase in speculative capital, sales are less likely.

New negative outlook

Despite the small growth, the news background is not creating optimism. Another statement by JP Morgan analysts confirms this. They still stick to conservative views on digital currencies. Once again, you can hear that cryptocurrency has no value. In addition, representatives of the bank believe that in case of further sales, Bitcoin would aim at $2,400. Recall, despite the weakness of the global economy and the growing fraction of “toxic debt” in the global financial system, large banks do not retreat from their views.

BTCUSD (H4): still in the downward channel

Bitcoin is currently testing a downtrend resistance level. If there is a breakdown, a weekly prospect of reaching a resistance level of $3,740 will open up. In the case of a negative scenario, we could see testing at a level of $3566.


Despite the pessimism of the large bank, there is still a small influx of funds for digital currencies purchases. We assume that the last day of the week will be beneficial for Bitcoin.

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