By Asit Manohar
Bitcoin price today surged around 3.50 per cent after the US dollar gained strength against the major global currencies. According to coindesk, bitcoin was trading at $34,046 after making $34,372.39 high in the last 24 hour while in the same period it made its low of $28,814.75. According to currency experts, this rise in bitcoin price is short-lived as Chinese crackdown will continue to boost bearish trend. However, they maintained that ‘trend reversal’ is possible if the bitcoin price sustains above is 2017 all-time high of $19,783.21.
Sharing key levels in regard to bitcoin price in dollars Anuj Gupta, Vice President — Commodity & Currency Trade at IIFL Securities said, “Overall sentiment of bitcoin price is bearish as more stringent measures are expected from China to regulate the cryptocurrency market market there. If someone has bitcoin holdings, then one should come out of its position as there will be some rise in the bitcoin price due to the US dollar gaining strength against the major global currencies. Those who want to buy bitcoin should wait for further fall and buy in the range of $22,000 to $26,000 range in SIP mode.” He said that bitcoin price is currently trading around $34,000 that means in Indian National Rupee terms one bitcoin will cost around ₹25.13 lakh.
Expecting ‘trend reversal’ in bitcoin price Avinash Shekhar, Co-CEO at ZebPay said, “Crypto markets overall have seen significant gains over the last 6-9 months despite the recent dip in prices. But, the market is still sustaining very well above the 2017 all-time high prices. We are looking forward to the upcoming upgrades to different blockchain networks and might see more fundamental strength in this space leading to sustainable growth in the future.”
Speaking on the reason for Bitcoin price fall Anuj Gupta of IIFL Securities said, “Bitcoin price dropped to its lowest level since 28th January on Tuesday, in the wake of more stringent Chinese measures to regulate the cryptocurrency market.”
On Monday, China’s central bank, the People’s Bank of China, announced that it had summoned some major banks and payments firms, including Alipay, urging them to check client accounts for cryptocurrency transactions and cut their payment channels.