The expert named the reasons for the growth of bitcoin to $ 72 thousand.

The bitcoin exchange rate showed a sharp increase against the background of geopolitical factors and the redistribution of capital into risky assets. Alexander Baryshnikov, the manager of the Mining fund at Record Capital Management Company, told Izvestia about this on April 8.

According to him, in the first half of the day, the cryptocurrency was trading around $71.5 thousand, rising from $67.7 thousand to $72.7 thousand in a few hours.

"The growth was catalyzed by the truce between the United States, Israel and Iran, as well as lower oil prices and a weakening dollar, which led to an influx of liquidity into the crypto market," the expert noted.

An additional growth factor was the elimination of short positions. According to the expert, the volume of closed bitcoin shorts amounted to $214.7 million, which increased the upward movement of the price.

At the same time, Baryshnikov stressed that the market remains unstable. The index of fear and greed is at the level of 18 points, which corresponds to the zone of extreme fear. The level of $72,000 has not yet been confidently overcome, which limits further growth.

According to the expert, consolidation above this mark can open the way to $ 74.1 thousand, and then to $ 78 thousand. However, if the geopolitical situation worsens or the Fed's policy tightens, consolidation and a return of quotations to $67-68 thousand is possible.

"Buyers are looking stronger now than they did a week ago, and the likelihood of further bitcoin growth in the second half of April is increasing," Baryshnikov concluded.

Taking a break: How lasting will the truce be between the US and Iran

The dispute over the Strait of Hormuz remains unresolved, but Washington and Tehran are seeking to avoid a resumption of hostilities.

US President Donald Trump said earlier in the day that he had agreed to suspend strikes on Iran for another two weeks. He also explained that the condition for this was the complete unblocking of the Strait of Hormuz. The head of the White House said that the United States had received a 10-point proposal from Tehran to resolve the conflict.

Republican Congressman Chris Murphy said on April 7 that the terms of the truce between Washington and Tehran are a disaster. He also expressed doubts about the authenticity of the terms of the truce, pointing out that Washington and Tehran interpret the provisions of the deal differently.

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