Bitcoin: Still the wrong time to buy

The situation in the cryptocurrency market is still “bearish”. The February growth of BTC quotes was interrupted on the 8th, when prices reached the $ 45.5 thousand mark, followed by a correction to $ 42.8 thousand. The fact that the subsequent attempt by buyers to disperse the quotes even higher choked near $ 45.8 thousand, after which the coin fell to $41.7 thousand, indicates that the bulls still have no strength to reverse the trend. In this connection, the probability of a price drop to $39 thousand remains.

There is still no serious news.

The general market sentiment remains negative due to the expected curtailment of the Fed’s incentives aimed at combating inflation, and many believe that the BTC rally from 2021 was made possible precisely because of the desire to save capital from currency depreciation.

It can be noted that the digital yuan has bypassed Visa (NYSE:V) by the number of transactions on the opening day of the Olympics, but the digital state currency of China has no relation to cryptocurrency assets. Perhaps the success of the PRC will encourage other countries to more actively engage in the development of the so-called CBDC, which will have a positive impact on the spread of digital tools. However, it is unlikely to be expected in the coming years.