The 61.8% Fibonacci level for bitcoin is somehow enchanted. The price has rebounded from it at least 4 times in the last 10 days, after which it overcame it, and then began a new round of corrective movement. The correction scenario is still the main one for the first cryptocurrency in the world, and there are several reasons for this. The main one is the decline in demand for bitcoin and the flow of capital from bitcoin to altcoins. The influx of new investments is now not enough for BTC to continue growing. Also, the upward trend is clearly drying up, and the cryptocurrency cannot rise constantly. Therefore, in general, we continue to believe that bitcoin should collapse to $47,000 per coin in the near future. Of course, it will be extremely difficult to continue falling even lower, as institutional investors are unlikely to allow this to happen. When bitcoin falls, and most investors are retail, small or "hamsters", everyone immediately begins to dump their coins, which leads to a collapse of 80-90% of the value. But now, a large number of coins are concentrated in the hands of institutional investors, who are unlikely to discount the asset at the slightest price drop. However, "digital gold" may still drop to $47-43 thousand.
Meanwhile, representatives of one of the largest and most well-known cryptocurrency exchanges Binance, which even has its own cryptocurrency Binance Coin, announced the suspension of the withdrawal of any assets on Monday. "Rest assured our team is working on it. We apologize for any inconvenience caused and thank you for your patience," the official statement said. The reasons for this suspension were not given, and this gave rise to a small panic in the cryptocurrency market. How many times has a financial institution failed? Bitcoin fell by about 2.5 thousand dollars on Monday, and this news can become the basis for a further decline in the bitcoin quotes. The question now is how quickly Binance would like to explain to the markets what is going on, and how quickly it will fix the problem. So far, Bitcoin has found support near the Senkou Span B line, which coincides with the 38.2% Fibonacci level – $53,800. But if the situation with the exchange is not clarified today, bitcoin may continue to fall in price.
The Swiss holding company UBS Group announced its readiness to provide large clients with the opportunity and appropriate services for trading and storing cryptocurrencies. Thus, UBS Group has joined the list of the largest banks in the world that have integrated or will do so in the near future in their activities of cryptocurrencies and will open access to their clients to work with them. The world continues to accept bitcoin and expand the opportunities associated with it for every person. However, will this help Bitcoin continue to grow?
In technical terms, bitcoin is fixed below the 61.8% Fibonacci level, so now the correction scenario looks promising again. We are still waiting for the quotes to fall to the previous local low of about $47,000 per coin. At the same time, a rebound from the Senkou Span B line or a new consolidation above the 61.8% Fibonacci level will again allow us to expect the growth of the cryptocurrency.
