FREE: DISCOVER THE 3 BEST STRATEGIES FOR INVESTING IN BITCOIN
João Galhardo, an analyst at Mynt, BTG Pactual's crypto platform, points out that since last Thursday, the 10th, bitcoin's appreciation has been even greater. On that day, the asset fell to a low of US$59,330, but ended up reversing the movement over the last weekend. With that, it now accumulates an increase of more than 9%.
"From a technical point of view, after breaking the US$63,650 range, the next target is the resistance at US$66,300, representing an increase of 2.28% in relation to the current price. The market, however, remains sensitive to geopolitical developments, and the escalation of conflicts in the Middle East may reduce the appetite for risk", he ponders.
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Galhardo states that "if there is no significant news in this scenario, the tendency is for bitcoin to maintain its upward trajectory towards resistance. In case of a fall and loss of the support of US$ 63,650, the region of US$ 61,110 will be an important level, with the potential to attract strong buying pressure. This point should remain on the radar, since touching this range can generate a positive reaction from the market".
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China and bitcoin
Julio Andreoni, crypto expert at Bitybank, attributes the recent appreciation of the cryptocurrency to the market's "optimism" regarding the economic stimulus announced by China. The country's government confirmed it will issue 2.3 trillion yuan ($1.83 trillion) in bonds over the next three months, in the largest stimulus program since the 2007-2008 global financial crisis.$BNB