Forex. Cryptocurrency Forecast for today
Bitcoin at the end of the trading week showed a diverse trading dynamics. It is clear that investors have reduced long positions.
The capitalization of the cryptocurrency market at the end of the weekend amounted to 2.26 trillion US dollars against 2.30 on Wednesday. This suggests that market participants are not yet ready to speculatively buy digital assets.
Now bitcoin is worth about $54,000, in case of further growth, we can expect a mark of $58,000, since in May of this year this level restrained market participants from further growth. We note that this is a technically strong level, because in our forecast we see exactly such a goal in the near future.
Trading is still influenced by global market signals. Turbulence and panic in the US stock market increases the importance of the cryptocurrency market as a safe haven.
It became known that the securities of tech companies are less attractive for purchases against the background of the rising value of US bonds. Rising inflation and weekly publications of good US macro statistics are pushing the Fed to change monetary policy.
We also link our forecasts to trends in the currency market, as the strengthening of the US dollar can significantly affect bitcoin trading and the altcoin market. Of the important news of the upcoming trading week, the release of the US consumer price index and the publication of FOMC protocols should be highlighted.