{"id":17802,"date":"2021-05-20T07:30:58","date_gmt":"2021-05-20T05:30:58","guid":{"rendered":"https:\/\/bernstein-bank.com\/?p=17802\/"},"modified":"2021-05-20T07:30:58","modified_gmt":"2021-05-20T05:30:58","slug":"bottom-or-not","status":"publish","type":"post","link":"https:\/\/bernstein-bank.com\/en\/bottom-or-not\/","title":{"rendered":"Bottom or not?"},"content":{"rendered":"\n\n\n
\n

Gold<\/span>\u00a0 1875,725
\n(+0,33%<\/span>)<\/h4>\n<\/th>\n

\n

EURUSD<\/span>\u00a0 \u00a01,2182
\n(+0,04%<\/span>)<\/h4>\n<\/th>\n

\n

DJIA<\/span>\u00a0 33843,50
\n(+1,83%<\/span>)<\/h4>\n<\/th>\n

\n

OIL.WTI<\/span>\u00a0 63,665
\n(+4,18%<\/span>)<\/h4>\n<\/th>\n

\n

DAX<\/span>\u00a0 \u00a015167,50
\n(-0,09%<\/span>)<\/h4>\n<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n

Of course, we are talking about bitcoin. And the whole cryptocurrency market. In the last newsletter we advised medium and long-term investors to look at the first cryptocurrency. It has fallen to attractive levels. And today we can already ask ourselves the following question. Has a low been reached from which the uptrend will continue.<\/p>\n


\nBTC<\/strong><\/p>\n

\"BTC\"<\/p>\n

There was no new “bad news” to push cryptocurrency holders into selling on Wednesday. However, there was a major collapse. BTC was down to $29,000 at one point. Many altcoins were down 2X in the moment compared to levels seen 24 hours ago.
\nThe only reason for what happened is because of panic sell-offs related to margin-calls. It’s no secret that not only at forex brokers, but also at cryptocurrency exchanges, many use high leverage. So during Wednesday’s collapse, the exchanges closed positions of such traders at any price, only intensifying the downward movement.
\nAll this is similar to what happened on March 13, 2020, when BTC collapsed two times in one day. It should be noted that this Wednesday’s drop was not as severe. But psychologically, the situation is similar. The heavens seem to have collapsed to the ground.
\nBut there is one difference in those collapsed skies. The price of bitcoin now, even after the fall, is still 10 times higher than it was 14 months ago. Let’s remember what analysts were saying at the time. They argued that this was the complete end of the cryptocurrency market. Bitcoin would no longer be of interest to investors. What followed was a rise from $3,500 to $65,000.
\nIt is now important to understand. Whether the $29000 level was a low or not. By the way, note that this is the price at which the first cryptocurrency closed trading on 31 December 2020. So, for all the panic, the price of BTC still refused to move lower.
\nOne thing is certain. “Smart money” knocked a large amount of cryptocurrency out of the “weak hands” yesterday. And big investors built up their BTC holdings.<\/p>\n

03.30 National Bank of China Interest Rate Decision
\n03.30 Australian unemployment rate for April
\n14.30 US initial jobless claims for the week<\/p>\n

\n

Important Notes on This Publication: <\/small><\/p>\n

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold\u00a0 1875,725 (+0,33%) EURUSD\u00a0 \u00a01,2182 (+0,04%) DJIA\u00a0 33843,50 (+1,83%) OIL.WTI\u00a0 63,665 (+4,18%) DAX\u00a0 \u00a015167,50 (-0,09%) Of course, we are talking about bitcoin. And the whole cryptocurrency market. In the last…<\/p>\n","protected":false},"author":37,"featured_media":17595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-17802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nBottom or not? | Bernstein Bank<\/title>\n<meta name=\"description\" content=\"Of course, we are talking about bitcoin. And the whole cryptocurrency market. 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