The analyst assessed the prospects of bitcoin after a wave of investor sales

The beginning of August turned out to be a period of significant selling pressure for bitcoin. In a few days, retail investors sold about 32 thousand. BTC with loss fixation. Andrey Poroshin, a financial analyst at Bitbanker, told Izvestia on August 3.

"While private investors are exiting the market amid emotional sales, long-term participants are gradually accumulating supply. Historically, such periods do not always become an immediate signal for growth, however, it is in these phases that the basis for the next upward cycle is often formed," the expert noted.

One of the main factors for the crypto market this week will be the American macroeconomic statistics. On Monday, investors expect the publication of the ISM Manufacturing PMI index of business activity in the US industry. If the indicator turns out to be above 50 points, it will indicate the stability of the industrial sector of the American economy. However, strong data may simultaneously reduce the likelihood of an early easing of the Federal Reserve's (FRS) policy, which will become a deterrent for risky assets, including bitcoin.

Another important event, the expert added, will be the Friday publication of the Non-Farm Payrolls employment report. These data traditionally influence market expectations regarding the Fed's future decisions and can cause increased volatility.

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.

According to Poroshin, the fundamental situation around bitcoin remains ambiguous. Pressure on the asset is exerted by the high cost of money in the United States and sales from some retail investors. At the same time, the cryptocurrency is trading below the cost of production of most American miners, which is estimated in the range of $ 73-75 thousand.

Historically, the prolonged stay of military-technical cooperation below the production cost level is rare and gradually attracts long-term buyers, the analyst noted. From a technical point of view, the situation remains difficult: sellers retain the initiative, while buyers have not been able to regain control of the market.

The expert considers the base scenario for the coming days to be a decrease in bitcoin to the area of $ 60-61.5 thousand, where there is a strong demand zone. In his opinion, a technical rebound is possible from this level.

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. In addition, the deputy minister clarified that a limit of 300 thousand rubles per year through one intermediary was proposed for non-shareholders.