Bitcoin started a critical week with an increase after the weekend spent in a stable and narrow range.
Despite the halving, which was an important catalyst for the price in April, investors did not see the expected rise and faced sharp declines.
Speaking to Coindesk, FxPro analyst Alex Kuptsikevich said the recent declines are likely related to miners' BTC sales and fears of tighter regulation of cryptocurrencies.
In addition, Alex Kuptsikevich stated that the market has remained stable between $ 60,000 and $ 70,000 since March and stated that the halving event in April did not provide the expected increase due to the lack of additional catalysts.
After his general evaluation of BTC, Kuptsikevich claimed that Bitcoin closing below $ 60,000 in the coming period could trigger panic sales.
“A failure and close in Bitcoin below $60,000 could trigger panic selling.
In our opinion, the positive and main scenario will start with a rise above $65,000.
“This rise will stabilize the BTC price at the 50-day moving average and the price will enter the reversal area in early May.”
*This is not investment advice.