The сrypto currency market is recovering

During the current week, the total capitalization of the market grew by about $ 94 billion, reaching a total capitalization of $ 400 billion. The main pressure that restrains the further recovery of the market is the fear of a tougher tightening of trade in crypto-currencies. Also, the recovery of the price for crypto currency is constrained due to some disappointment of investors, which is caused by the absence of exchange-traded funds. This does not interfere with investing in the blockchain technology, which underlies the work of most crypto currency. The main reason why the US regulators refuse to register exchange-traded funds is high volatility and low liquidity in the crypto-currency market.

Technical analysis: Bitcoin’s price has been moving in the flat range for the past two days with a resistance at $ 8,500.00 and support at $ 7,400.00, in anticipation of new catalysts for the further movement of the price of the crypto currency.

Key recommendations: The main recommendation for Bitcoin is the breakthrough of the flat channel. Fixing the price above $ 8,500.00 will open the way to the levels $ 9,150.00, $ 9,600.00. In case of resumption of decline and fixing of the price below $ 7 400.00, the way to the marks of $ 6 500,00, $ 5 800,00 will be open.

Fig. BTC/USD. The current price is $ 8,081,500.

Alexander Sivtsov