In the medium term, a return of Bitcoin to growth with a possible movement towards the $72K mark is expected. This was stated to "Izvestia" on August 7 by Bitbanker financial analyst Andrey Poroshin.
"At the beginning of August, BTC continues to trade in a narrow range, giving no advantage to either buyers or sellers. The main factor that could influence the cryptocurrency's further movement will be American macroeconomic statistics and expectations regarding the policy of the US Federal Reserve System," the expert said.
He clarified that Bitcoin is currently remaining in the range of $62–66K. The market has not yet formed a stable direction of movement, so the main struggle between sellers and buyers continues within this corridor. The key event for global markets will be the publication of US labor market data — Nonfarm Payrolls. This statistic traditionally affects the dollar exchange rate and investor expectations regarding the Fed's future decisions.
According to the technical picture, the nearest important levels remain the marks of $64.7K and $63.3K, according to the expert. Consolidation above $64.7K could open the way for a rise to the area of $65.4–65.9K. At the same time, a break of the $63.3K level could lead to a decrease in the BTC price to the zone of $60.5–62.5K. In the analyst's opinion, such a scenario would not necessarily mean the beginning of a new long-term decline.
"Such movement is more likely to be related to clearing the market of excess leverage and closing part of traders' positions," the expert explained.
An additional supporting factor for Bitcoin remains the current situation with mining. According to Poroshin, the cryptocurrency is currently trading below the approximate cost of mining for US miners, which is estimated at around $72–75K. Regulation also remains an important factor for the market. In the US, consideration of the CLARITY Act bill was postponed to September, which has caused some market participants to adopt a wait-and-see position.
In the coming days, BTC's dynamics will depend on investors' reaction to American statistics and the cryptocurrency's ability to break out of the current range.
Deputy Finance Minister Ivan Chebeskov reported on June 16 that unqualified investors in Russia will soon be able to legally purchase Bitcoin, Ethereum, and popular stablecoins. Furthermore, the deputy minister clarified that a limit of 300 thousand rubles per year through one intermediary has been proposed for "non-qualified" investors.
end-content
