Tanya Abrosimova
Independent Analyst
- BTC/USD is rangebound above $5,300.
- The coin has demonstrated strong growth in April.
- Experts are cautiously optimistic about the perspectives of the market.
BItcoin (BTC) has been moving inside a narrow range since May 1. The first digital coin is dancing around $5,300 handle amid a thick fog of uncertainty created by Tether scandal. At the time of writing, BTC/USD is changing hands at $5,320, mostly unchanged both since the beginning of the day and since this time on Wednesday.
From the longer term perspective, Bitcoin enjoyed a 22% gains in April and finished the third positive month in a row for the first time since December 2017. This notable development has made cryptocurrency experts wonder about what to expect from the digital asset in the upcoming months.
While the overall perspectives look optimistic, some experts remain cautious, claiming that the green shoots are still young and vulnerable to headwinds.
“The market is still somewhat indecisive as to the direction it should go. Even though Bitcoin has been rising in price steadily, we have not entered a bull run yet,“ Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital noted, cited by Forbes.
This view is shared by Marouane Garcon, managing director of crypto-to-crypto derivatives platform Amulet. He says that the market has not created clear signals of a sustainable bull market as yet.
Meanwhile, Tom Lee, the head and the managing partner of Fundstrat Global Advisors, believes that the crypto winter is over. He singled out 11 positive signals that proved the point.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
This is why a mere 15% rally in Lido DAO price could be a game-changer for LDO holders
Lido DAO price is following the rest of the market due to the regulatory events that transpired in the last few days. However, the DeFi token is generally unlikely to pursue the path set by any other cryptocurrencies, including the likes of Bitcoin. This might play in favor of LDO.
LINK holders opt to sell as Chainlink price falls by 9% in a week, new investors on the rise
Chainlink price, after following the broader market cues, is nearing a key support level that was last visited by the coin in January this year. This has discouraged LINK holders to the point where selling has become a preferred option. However, newer investors are countering this selling by accumulating, preventing a severe decline.
Optimism price could rally 50% as network upgrade inspires new wave of OP adoption
Optimism (OP) price appears to have found support after a new buyer congestion zone came into effect to prevent the free fall. Accordingly, the Ethereum Layer 2 (L2) token is trading horizontally, giving bulls time to accumulate OP at affordable rates.
Binance CEO addresses chat records disclosed by the SEC
Binance CEO Changpeng Zhao has issued an internal address to company staff, asking them to focus on work and developing products people can use. The internal memo comes after the United States Securities and Exchange Commission (SEC) disclosed chat records between Binance employees in an attempt to support its case against the largest crypto exchange by trading volume.
Top 3 cryptocurrencies that outperformed Bitcoin, Ethereum this week
The US Securities and Exchange Commission’s (SEC) crackdown on cryptocurrencies triggered a correction in the prices of Bitcoin, Ethereum and several altcoins with large market capitalization.