Bitcoin continues to trade sideways amid decreasing volatility in the cryptocurrency market. In the near term, the digital asset may maintain movement within the $61-68k corridor, but a deeper correction is possible if the situation worsens. This was stated to Izvestia on August 17 by Kirill Komalenkov, Director of Strategic Communications at Bitbanker.
According to the expert, Bitcoin is currently in the $61-68k range due to high market liquidity. At the same time, volatility has approached its lowest levels in the past three years. With low activity persisting, risks of a decline in the price of the first cryptocurrency remain. In the near term, a test of the $62,300 and $61,600 levels is possible.
In the analyst's opinion, large market participants may use the current situation to gather liquidity from both sellers and buyers, so Bitcoin's first breakout beyond the current range could turn out to be a false move.
"Until the beginning of the third decade of August, Bitcoin's movement will likely remain within the price corridor from the lows to the $68k mark," Komalenkov noted.
The expert named fund flows into exchange-traded funds (ETFs) and trader activity as among the key indicators for the market's further direction. According to him, these factors will help assess the sustainability of the future trend.
At the same time, the probability of a negative scenario for the cryptocurrency market remains in the second half of August. Escalating geopolitical tensions or more hawkish rhetoric from US monetary authorities could trigger a new decline.
In such a case, Bitcoin could fall to the $45-50k range by early autumn. According to the analyst, this level could become a potential point for forming a new base for the subsequent market recovery in the second half of autumn.
On June 16, Deputy Finance Minister Ivan Chebeskov stated that non-qualified investors in Russia will soon be able to legally buy Bitcoin, Ether, and popular stablecoins. Furthermore, he clarified that a limit of 300,000 rubles per year through one intermediary has been proposed for "non-quals".
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