The expert estimated the risks of bitcoin falling below $ 70 thousand.
The current technical picture for bitcoin remains tense. The asset failed to gain a foothold above the $80,000 level, remaining within the ascending channel. In the event of a breakdown of key support in the region of $ 73.8–74 thousand, a further decline to around $70.8 thousand is possible. Alexander Baryshnikov, the manager of the Mining fund at Record Capital Management Company, told Izvestia on April 20.
"This morning, bitcoin is trading at $74.3 thousand, having slipped from the high of $78,333 reached on Friday, April 17th. The escalation in the Strait of Hormuz — the seizure of the Iranian vessel Touska by the US Navy, the IRGC UAV strikes on American ships and the repeated closure of the Strait — instantly turned market sentiment around. WTI oil soared above $87 per barrel (+4% by morning), S&P500 futures went down 0.8%, the dollar is strengthening — a classic retreat into defensive assets, in which cryptocurrencies traditionally also come under pressure," the expert explained.
According to him, the further dynamics of bitcoin will depend on the development of the geopolitical situation and negotiations between the parties to the conflict. In case of de-escalation, the price may recover to $76-77 thousand, but if the situation worsens, a decrease below $70 thousand is possible.
Baryshnikov noted that the opening of the American trading session will be a key factor in determining the further movement of the market and the reaction of institutional investors.
On April 12, The Wall Street Journal (WSJ) reported a decline in American futures after the breakdown of negotiations on a settlement of the conflict between the United States and Iran in Islamabad. Earlier, oil prices rose sharply: U.S. crude futures gained 9.2% and reached $105 per barrel, while the price of Brent rose to about $102. At the same time, futures for the S&P 500 and Dow Jones indices declined by about 1%.
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