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Analysts commented on the decline in the price of bitcoin

On Wednesday, April 7, the bitcoin rate on the Binance crypto exchange fell to $ 55.6 thousand, which led to the liquidation of traders’ positions in the amount of over $ 600 million. As of 20:50 Moscow time, the cryptocurrency costs $ 56.2 thousand, over the past day it has fallen in price by 3%, writes RBC Crypto.

Trading volume has dropped significantly in the past two weeks, which could lead to increased volatility, warned CoinDesk analyst Damanik Dantes. He explained that the rise in bitcoin prices in 2021 came with a decline in trading volumes. This may indicate a decrease in the upward momentum, the expert said. According to him, sellers may continue to exert pressure on quotes, since serious support levels are at $ 54,000 and $ 50,000.

Now there is a consolidation of prices in the region of $ 50-60 thousand, said Vitaly Kirpichev, Development Director of the TradingView platform. He noted that the number of trading ideas in Russian related to continued growth is getting smaller. According to Kirpichev, this may indicate the continuation of consolidation in the current range.

Bitcoin has shown anemic dynamics recently, and the failure to test $ 60 thousand could result in a local correction, said Denis Voskvitsov, head of the fintech company Exantech. The situation was aggravated by the impressive growth of altcoins, which also reached the point at which the market should have undergone a “recovery correction”, added Voskvitsov. According to him, interest in cryptocurrencies is still significant, and there are many participants in the market who did not have time to enter the market in the wake of the rally.

“It is likely that now they will have an opportunity. The previous large-scale correction was at around $ 45K, and it is very unlikely that we will reach this level. Therefore, looking at the current rollbacks, one should not panic. Perhaps this time the bears will try to play on the nerves of the broad masses more strongly than before, but the general trend still remains for growth, ”the expert noted.

At the moment, the price is experiencing difficulties with overcoming the $ 60 thousand mark, so a rollback to the $ 54-50 thousand marks is quite possible, warned Dmitry Lavrov, trader and founder of Tradunity. According to him, this downtrend remains in the uptrend structure.

“But in the event of a breakdown of $ 50 thousand, we can already talk about a change in the uptrend either to a sideways movement or to a downtrend. In this case, the next support levels will be $ 42.5 thousand and $ 30 thousand, ”Lavrov predicted.

He concluded that in order to continue the uptrend, Bitcoin needs to confidently overcome the $ 60K mark.

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