The bitcoin price on Thursday reached its highest level since September 7, when a significant downward correction occurred. However, the main cryptocurrency has lost some of its positions against the background of the strengthening of the dollar and the fall of stock indices due to expectations of the beginning of the curtailment of monetary incentives.
Today, data on retail sales in the United States were presented, which turned out to be significantly better than expected and supported the dollar. In August, sales increased by 0.7%, while a decrease of 0.8% was expected.
Ray Dalio, who founded the world’s largest hedge fund Bridgewater Associates, said at the SALT conference that he invested in bitcoin. Dalio said that cryptocurrencies provide an opportunity to diversify portfolios, and noted that portfolios need to be diversified across more asset classes.
Dalio also suggested that if bitcoin turns out to be really successful, the authorities will find a way to ban it. Although he did not specify how the authorities would deal with cryptocurrencies, however, in May he stated that they could introduce strict regulation of the crypto market.
He has also stated several times that governments can ban or outlaw bitcoin.
The head of the Point72 Asset Management hedge fund, Steven Cohen, said at the conference that he hopes not to miss the opportunities provided by digital currencies.
In a recent interview for The South China Morning Post, Changpeng Zhao, the founder and CEO of Binance, shared his views on the latest trends in the crypto space. According to him, global financial institutions and investors have already realized the advantages of digital assets and are investing in them, while bitcoin is of particular interest to them.
According to technical analysis, consolidation above the level of 49400 will open the way to 50500, then 52800. In case of a return below 46700, a decrease to 44000 is likely.