Chainxspace experts told why financial markets may be subject to increased volatility next week
Over the past 7 days, bitcoin has risen by 6%, the price of the cryptocurrency has risen to $ 44.6 thousand. Ethereum showed an increase of 7% and the cost of altcoin reached $ 3.1 thousand. The total market capitalization has again exceeded $2 trillion, but Chainxspace experts are confident that digital assets can be adjusted again in the near future.
The growth of American stock indices contributed to the strengthening of cryptocurrencies, explained the financial analyst of Chainxspace. He added that the activity of buyers restrained the growth of the dollar index. The dollar rose in price on forex in anticipation of an aggressive increase in Fed rates by 50 bps in May to combat high inflation, the expert explained.
According to him, the bitcoin exchange rate has reached the upper limit of the price range of $34-45.5 thousand, which has been formed since the beginning of the year. To break the bearish trend, buyers need to gain a foothold above $ 46 thousand and then prevent sellers from returning to the level of $44.5 thousand within a week, the Chainxspace specialist noted.