Participants in the digital asset market drew attention to the peculiarities of the position of a digital asset.
All cryptocurrencies from the top 10 of the CoinGecko resource capitalization rating began a new working week with growth. Bitcoin is trading at $ 36,046 as of 10:59 AM ET. Over the course of the day, BTC has risen in price by 3.1%. During the week, the loss in value of the cryptocurrency was 6.2%.
Chainlink token (+ 12.8%) grew more actively than others in the last 24 hours. The best result of a positive movement during the week was recorded by Polkadot (+ 88.5%).
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Over the weekend, the bitcoin rate fell to $ 34 thousand.The digital asset showed negative dynamics against the background of its appearance on the network messages that the BTC of the creator of the cryptocurrency, Satoshi Nakamoto, was set in motion. In parallel, the media published information that the creditors of the bankrupt Mt Gox exchange will be able to receive their bitcoins.
According to some reports, the platform may soon distribute 137,891 BTC (almost $ 5 billion at the time of writing). Probably, many affected Mt Gox users, immediately after receiving bitcoin, will want to sell them. Market participants suggested that the return of funds could provoke fluctuations in the BTC rate.
Meanwhile, digital asset market participants continued to analyze the prospects for the further movement of bitcoin. Many drew attention to the fact that BTC has not yet reached its peak value after the halving in May. This, in their opinion, is indicated by the analysis of the trajectories of the digital asset after previous reductions in the reward for mining cryptocurrency.
Predicting the 2018 BTC correction, analyst Peter Brandt presented a technical analysis of the cryptocurrency chart. He noted that if bitcoin is unable to bounce off the current levels, the asset will continue to correct.
Analyst Willie Wu, in turn, noted that the market is now experiencing the transition of bitcoin from “weak” hands to “strong”. In his opinion, at the moment the cryptocurrency is being bought by real HOODL’ers (market participants who believe in the prospect of further growth of the asset and do not intend to sell it under the pressure of panic sales).
Analyst Lark Davis suggested that bitcoin moves in the body of a contracting triangle. Upon exiting the figure, he believes, BTC will be able to use the accumulated energy to continue its growth.
Recall that earlier the author of the popular S2F-model for forecasting the bitcoin rate shared his opinion, according to which BTC expects a price jump within a month.