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The price of bitcoin has jumped around 3.50% today after the US dollar strengthened against major global currencies. According to coindesk, bitcoin was trading at $ 34,046 after hitting a high of $ 34,372.39 in the past 24 hours, while in the same time frame it hit a low of 28,814.75 $. This bitcoin price hike is short-lived, according to currency experts, as the Chinese crackdown will continue to fuel the downtrend. However, they maintained that a “trend reversal” is possible if the price of bitcoin holds above the all-time high of 2017 of $ 19,783.21.
Sharing the key levels with regards to the dollar price of bitcoin, Anuj Gupta, vice president of commodities and currency trading at IIFL Securities, said: “The general sentiment of bitcoin’s price is bearish as measures more stringent are expected from China to regulate the market of the cryptocurrency market there. If someone has bitcoin holdings then one should exit their position as there will be some increase in the price of bitcoin in due to the strengthening of the US dollar against the world’s major currencies. Those who want to buy bitcoin should wait for a further decline and buy in the range of $ 22,000 to $ 26,000 in SIP mode. ” He said the price of bitcoin is currently trading around $ 34,000, which means that in terms of the Indian national rupee, one bitcoin will cost around 25.13 lakh.
Expecting a ‘trend reversal’ in the price of bitcoin, Avinash Shekhar, co-CEO of ZebPay said: “Overall, the crypto markets have made significant gains over the past 6-9 months. despite the recent drop in prices. But the market is still holding much higher. the highest prices ever in 2017. We look forward to the next upgrades of the various blockchain networks and may see a more fundamental force in this space leading to sustainable growth in the future.
Speaking on the reason for the fall in the price of Bitcoin, Anuj Gupta of IFL Securities said: “The price of Bitcoin has fallen to its lowest level since January 28, following stricter Chinese measures to regulate the cryptocurrency market “.
On Monday, China’s central bank, People’s Bank of China, announced that it had summoned some major banks and payment companies, including Alipay, urging them to verify accounts receivable for cryptocurrency transactions and cut their accounts. payment channels.
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