Bitcoin, the oldest and most widely used cryptocurrency, has come under selling pressure in recent weeks. It has fallen from its dizzying heights of just under $70,000 to about half that level. Although it is now stabilized, it is uncertain how long Bitcoin will remain calm.
Bitcoin halted its fall just above the $33k mark last week. It has then held steady above 35k since Tuesday. Its value even got above 38 thousand at one point, but the 40 thousand mark is not yet in sight.
According to experts, a neutral to slightly bearish mood now prevails in the cryptocurrency market, where the provisional price ceiling for Bitcoin seems to lie somewhere between 40 and 43 thousand dollars. There seems to be no reason for price movement in either direction. The meeting of the Fed’s Open Market Operations Committee also did not bring any surprises.
Bitcoin and probably other cryptocurrencies are thus likely to move sideways in the coming weeks, i.e. their value will not experience major fluctuations. Although developments on the Russia-Ukraine border may come into play, with escalating tensions bringing nervousness to the market.