The analyst allowed the growth of bitcoin to $ 90 thousand with the weakening of the dollar

Bitcoin has adjusted this week after reaching the level of $82.5 thousand, where a resistance zone has formed in terms of futures trading volumes. The market has moved on to testing the range of $77-78 thousand, in which participants expect a reaction from buyers and a possible reversal of the local downward movement. In the event of a recovery in demand, the next benchmark may be a move to $ 87-90 thousand. Alexander Baryshnikov, the manager of the Mining fund of the Record Capital Management Company, told Izvestia on May 8.

"Today, investors' attention is focused on the publication of macroeconomic statistics from the United States, including data on Non-Farm Payrolls employment and the unemployment rate. The labor market is expected to slow down: employment growth is projected at 65,000 against 178,000 a month earlier, unemployment is 4.3%, and the average hourly wage is 0.3% in monthly terms," the expert said.

According to market participants, weak data can support bitcoin by lowering expectations for the US Federal Reserve rate. Strong statistics, on the contrary, can strengthen the dollar and put pressure on risky assets, including cryptocurrencies. Stable capital inflows into exchange-traded funds investing in bitcoin (ETFs) continue to provide additional support to the market, which strengthens the institutional nature of the market. Liquidity remains one of the key factors in the short-term price dynamics.

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Investors are also monitoring the geopolitical agenda and the expected leadership change of the US Federal Reserve on May 15. Any signals from the new chairman may significantly affect monetary policy expectations and demand for risky assets.

Special attention is paid to the situation in the Middle East. The market is assessing the prospects for a possible de-escalation and the start of the negotiation process on Iran. A decrease in geopolitical tensions and oil prices may create conditions for a more lenient Fed policy and support demand for crypto assets.

In general, analysts note that while maintaining moderate macro statistics, institutional demand and stabilization of the geopolitical background, bitcoin retains the potential to move towards $ 85-90 thousand by mid-May. In the long term, market participants are also paying attention to the growing competition in the computing power sector between the United States, China and Russia against the background of the development of mining infrastructure and the approach of bitcoin to the psychological level of $ 100 thousand.

The cost of bitcoin on May 4 exceeded $80,000 during trading for the first time since the end of January. As of 05:40 Moscow time, bitcoin was growing by 2.61% and was at the level of just over $80 thousand. By 06:00 Moscow time, the cryptocurrency slowed its growth to $80 thousand (+2.64%).