13.04.202112:08 Forex Analysis & Reviews: Bitcoin is heading toward a crucial week

According to most analysts, this week will be crucial for the #1 cryptocurrency. The leading digital asset may turn sharply, and the vector of its movement will choose a trend that will determine the dynamics of the BTC in the near future.

The first month of spring started positively for bitcoin: by mid-March 2021, it reached a high of $61,255. However, the euphoria was short-lived: the main crypto asset quickly fell back to low levels, and last Friday, April 9, it was trading at $59,000. According to experts, the new week may be decisive for the further dynamics of BTC. On the morning of Tuesday, April 13, the digital asset started with growth, reaching $60,950. Later, bitcoin sank slightly, trading near $60,700. During the day, the leading virtual asset rose by 1.76%, and during the week – by 3.68%.

Experts expect that the crypto market will grow in the near future. Even a decrease in the BTC dominance index (to 54%) will not prevent this, although recently it exceeded 60%. This week, the main crypto asset will drift near $60,500-$62,000. If this range is exceeded, the #1 cryptocurrency will rise to $65,000 - $ 67,000, experts believe. In such a situation, the growth of altcoins is possible, which will catch up after the locomotive of the crypto market.

Currently, bitcoin is consolidating near the all-time high of $61,700, which it recently approached, but failed to gain a foothold there. According to the technical analysis, an upward trend is formed on the charts of the price of the crypto asset. In this regard, the upcoming week promises serious changes in the dynamics of the BTC. The movement vector of bitcoin can go up to $70,000, or fall into a protracted consolidation to $55,000.

In the short-term planning horizon, the market tends to be bearish. According to analysts, the growing interest of investors in long positions on BTC will slow its rise. In the case of such a scenario, bitcoin will fall in price to $57,500– $58,500. However, such forecasts do not prevent us from expecting a new price record from the first cryptocurrency.

At the start of this week, the leading digital asset came close to its ATH (All-time High). In this situation, experts emphasize that the momentum for the short-term growth of the first cryptocurrency has formed. If BTC is consolidated in an upward trend, experts expect it to rise to $70,000–$75,000. The long-term prospects of the main digital asset have a bullish orientation, analysts summarize.