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Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Analysts: It's too early to wait for Bitcoin to recover

June, 01 2021
watermark Economic news

J.P. Bank experts Morgan predicts that it is too early to wait for a recovery in Bitcoin, which is currently experiencing a fall from the $60K area to $ 35-36K.


Previously, analysts had already expected that Bitcoin's failure to overcome the $60,000 threshold would lead to bearish signals and further curtailing positions in this cryptocurrency. Perhaps this was a significant factor in the correction last week.


However, there are no signals of a long-term decline yet. According to experts, the price must fall to the level of $26 thousand before the cryptocurrency can reverse the main trend.


Over the long weekend in the US, Bitcoin plummeted due to the Memorial Day holiday: it traded at around $36,311 on Saturday and then dropped to $33,633. By Monday night, the currency recovered slightly to $36,833. Today's trading remained volatile.


Recall that in May, many factors influenced the bitcoin rate. Among them are negative tweets from Tesla CEO Elon Musk, as well as concerns about impending government regulation from the United States and China.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.