Bitcoin reached a weekly low and at the same time became more expensive than 10 million rubles

Last Friday, the Bitcoin rate exceeded 10 million rubles for the first time. and came close to the psychological mark of $100 thousand, but did not take it – investors decided to consolidate their profits, as a result of which the largest cryptocurrency fell in price. Experts do not rule out that the price will drop to $80 thousand, but then the $100 thousand barrier will still be taken. In rubles, Bitcoin still sells today for more than 10 million.

Image source: binance.com

Bitcoin surpassed the 10 million ruble mark for the first time. November 22 – on this day the quote reached 10.259 million rubles; The official exchange rate of the American dollar was 100.68 rubles. After this, Bitcoin began to decline against the dollar, and the dollar began to rise against the ruble, and today the coin of the world’s largest cryptocurrency is valued at 10.389 million rubles, according to Binance data.

As of January 1, 2024, Bitcoin was worth 3.77 million rubles, that is, since the beginning of the year, its growth against the ruble was about 170%; the exchange rate against the dollar increased by more than 130% during the same time. Bitcoin reached its historical maximum on November 22 – the quote on the American exchange Coinbase rose to $99,390. After that, the digital asset began to fall in price, and on the night of today, November 27, it updated its weekly minimum against the dollar – its price dropped below $91,000.

Experts explain such sharp fluctuations by the psychology of investors – the $100 thousand mark serves as a sell signal for those who have been holding on to Bitcoin since it began to grow. For this reason, investors expected a decline around this level and began to sell part of their assets to lock in profits. The same behavior could be tracked at previous highs in the Bitcoin price. For example, in March of this year, it hovered near the previous all-time high of $69k for about a week before breaking through.

Over the past 24 hours, Bitcoin fell in price by 0.5%; the trading volume at that time amounted to $92 billion; the capitalization of the entire crypto market decreased by 3% per day and amounted to $3.36 trillion, and the total volume of cryptocurrency trading exceeded $295 billion. The Ethereum cryptocurrency rose in price by 1% per day to $3.4 thousand, but in general it does not feel very confident — since the beginning of the year, its value has increased by 50%, and this is one of the latest results in the top ten largest digital currencies by capitalization.

Following Bitcoin, most of the top ten largest assets by capitalization fell in price during the day; in addition to Ethereum, Cardano and Avalanche were in the black – they rose in price by 1.4% and 3.8%, with the latter taking tenth place in this wave. Toncoin rose in price by 1.5% to $6.29 – the cryptocurrency now ranks 12th in terms of capitalization. The dollar-pegged stablecoin USDT is trading at RUB 113.50 today. with the official dollar exchange rate of 105.06 rubles. — this trend makes Bitcoin rise in price against the ruble, despite the fall against the dollar.

Analysts are generally optimistic about the future prospects for Bitcoin. Given the general market sentiment, as well as other negative factors, such as tensions in the Middle East and lower 10-year US bond yields, the largest cryptocurrency may continue to decline for now. There is even a version that at the current peak Bitcoin will drop to $80 thousand – the next important key threshold will be $87 thousand. But this trend will not last, and by the holidays Bitcoin is quite capable of reaching $110 thousand, or even $120 thousand.

In early November, investors, in anticipation of the election of Donald Trump, who promised to support the cryptocurrency industry, began to raise the price of Bitcoin. It is possible that the same mechanism will work before Trump’s inauguration in January – this alone will be enough, analysts say, for Bitcoin to overcome the $100 thousand level.

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