The financier estimated the chances of bitcoin's recovery after a sharp drop

Bitcoin is trying to recover from a recent decline and returned to around $60,500, having regained more than 4% of the local low of $58.1 thousand. The cryptocurrency market is supported by the weakening of the dollar, lower oil prices and rising futures for the US S&P 500 index. However, it is premature to talk about a full-fledged trend reversal. Andrey Loboda, a member of the RASO and the expert council of the Association of Forex Dealers on the development of the over-the-counter financial market, told Izvestia on June 26.

According to him, investors are beginning to take into account the likelihood of easing the monetary policy of the US Federal Reserve System (FRS). Lower energy prices are gradually easing inflationary pressures, which may force the Fed to abandon harsh rhetoric.

"The market has not yet fully overestimated the possible reversal, but the current movement can be considered the first cautious signal. Investors are paying additional attention to the speeches of the Fed representatives. If there are hints of a pause in policy tightening, the market reaction may be very quick," the expert noted.

In the near term, the analyst calls the key level for bitcoin at $61,962, the maximum reached on June 25. Consolidation above this level, according to his estimates, will pave the way for growth in the region of $ 63.4 thousand.

Block whose: authorities will limit investments in "unfriendly" cryptocurrencies

The introduction of mandatory fees is being discussed for particularly risky assets — their issuers may block access to money.

However, there are still factors limiting the recovery potential. According to Loboda, mining companies have been operating for several months in conditions of high production costs and continue to sell some of their accumulated assets to cover costs, which puts additional pressure on the market.

The expert considers the continued caution of investors to be another negative factor. Despite the technical rebound, the fear and greed index remains at low levels, indicating a weak appetite for risk. For the steady growth of cryptocurrencies, according to the analyst, either a softening of the Fed's rhetoric or the return of large institutional capital to the crypto market is necessary.

"So far, bitcoin has received only temporary support from external factors, but it is still moving against the mainstream. If selling pressure increases during the American trading session, the next support levels may be $56,000 and $53.4 thousand," Loboda concluded.

Deputy Finance Minister Ivan Chebeskov announced on June 16 that unqualified investors in Russia will soon be able to legally buy bitcoin, ether and popular stablecoins. After almost ten years of discussions and disputes, including the idea of a total ban, the authorities are moving to comprehensive regulation of the cryptocurrency market.