FX.co ★ Bitcoin: Good news

The cryptocurrency market closed yesterday in the green zone. Bitcoin recovered Sunday's losses but hit the local mirror resistance level of 38,610.88, marked with a red dotted line.

Meanwhile, the network is discussing the news that Elon Musk met with bitcoin miners in North America. On his Twitter account, Musk wrote that he was pleased with the meeting and called it promising. The meeting was chaired by the head of Microstrategy Michael Saylor. As a result, they created the Bitcoin Mining Council to ensure the sustainability of the first cryptocurrency.

Miners at the meeting with Musk noted that they are ready to provide information on the use of renewable energy sources. Thus, this event became the basis for the development of "green" crypto mining. It is worth noting that this news spurred bitcoin's growth yesterday.

But the technique is strong and the mirror resistance level of 38,610.88 has not been broken yet.

Another encouraging development was Ray Dalio's confession that he owns bitcoin. The head of a large hedge fund, and billionaire investor, emphasized that the cryptocurrency market potentially has great prospects, but the financial system is afraid that a new type of asset will challenge it. Therefore, governments will keep this industry under strict control.

Nevertheless, for investors, bitcoin is attractive in contrast to the inflation of fiat money. It highlighted what many influencers before it had been talking about: the printing of money by central banks depreciates it, making a limited-supply cryptocurrency especially attractive.

For hedge fund managers, investing in cryptocurrency is now far more profitable than buying government bonds. Against this background, securities that are somehow related to blockchain technologies and digital currencies are in demand.

Dalio's confession suggests that he and his hedge fund may not be the only ones investing in bitcoin. Other foundations can also do this without advertising their interest. And for the market, this fact would be positive, shaping the mood.

But this is potentially good news. Locally, it is worth monitoring whether BTC/USD is now able to break through the level of 38,610.88, marked with a red dotted line and working as a resistance. If so, the next target for growth will remain the horizontal line 41,980.24. If the breakout fails, then, focusing on the "stockade" of the daily candles, you can expect a decline to the lows of yesterday's trading session or the lower shadow formed on Sunday.