In our previous articles, we said that bitcoin may return to the level of $42,300, but the cryptocurrency has already exceeded this plan and reached the level of $46,500. On the one hand, there is nothing surprising in this. Bitcoin is a cryptocurrency that depends as much as possible on the mood of market participants. In other words, in order for bitcoin to grow, it is simply necessary that the majority of market participants believe in its ability to continue to become more expensive. And in order for this belief to be formed at a certain point in time, it does not even require any fundamental background, one or two statements by Elon Musk are quite enough. Thus, bitcoin is growing now and this should not surprise anyone, although we continue to consider the correction scenario to a greater extent. On the other hand, if you do not pay attention to the fundamental background or its absence, why do you need it at all? Still, I want to believe that there were some reasons for the growth of the first cryptocurrency in the world. We can assume that the miners who were repressed from China have already moved their equipment outside the country and started mining cryptocurrency again. That would increase the hashrate of the network and lead to an increase in the quotes of bitcoin. However, the current growth is still too strong for this reason. It is possible that the current growth of bitcoin is a trap for buyers at all. It can be recalled that when the bullish trends of 2013 and 2017 ended, bitcoin also repeatedly showed segments of fairly strong growth, which inevitably ended with a new fall. Thus, so far, we can say that everything is under control. Nevertheless, the higher bitcoin gets now, the more painful its new fall may be later. The United States may adopt new legislation from day to day, which will force almost every participant in the cryptocurrency market to report to the Tax Service and in most cases pay tax for almost every operation with cryptocurrency. From our point of view, this can greatly reduce the interest in bitcoin from American players. It seems that most of the cryptocurrency market is simply buying bitcoin now, when the new legislation has not yet been adopted and has not entered into force, so as not to fall under its action later.
Technically, bitcoin continues to be in an upward movement on the 4-hour timeframe, and the ascending trend line remains relevant. Despite the fact that we are preparing for a new fall of bitcoin, it should be recognized that it is the trend line that is now a key aspect in trading this cryptocurrency. As long as the price is located above it, it is the growth of quotes of bitcoin that is a priority. The nearest target is the level of $47,500.