The analyst predicted the dynamics of bitcoin this week

Bitcoin started the new week at around $81-81.5 thousand after a sharp recovery: on September 17, the cryptocurrency dropped to about $76 thousand, but by Friday it had returned above $80 thousand. The growth was partially accelerated by the closing of short positions — approximately $238 million worth of BTC shorts were eliminated during the day. Kirill Komalenkov, Director of Strategic Communications at Bitbanker, told "Izvestia" on September 21.

According to the expert, part of Friday's rise was of a technical nature. At the same time, the market received fundamental support: American spot Bitcoin ETFs recorded about $433 million in net inflows on Friday. At the same time, according to the results of the whole week, the inflow amounted to only about $6 million. Therefore, it is premature to talk about a full recovery in institutional demand.

"Market participants also positively reacted to the SEC's decision on a temporary "innovative exception", which, subject to a number of conditions, allows trading of tokenized American stocks on blockchain platforms. This can be considered as an additional step towards creating a more understandable regulatory environment," the expert said.

Additional support for bitcoin at the beginning of the week is provided by the decline in oil prices and the restoration of investor interest in risky assets. However, high yields on U.S. government bonds still limit the potential for rapid growth of cryptocurrencies.

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From a technical point of view, there is a significant supply zone in the range of $81-86 thousand, where some investors can take profits or close positions at breakeven.

According to Komalenkov, the key level now is around $81.7 thousand, corresponding to the 365-day moving average. A steady consolidation above this value can improve the technical picture and open the way to $ 83.6 thousand, and then, if demand persists, to the range of $88-89 thousand.

Komalenkov considers trading mainly in the range of $79-84 thousand to be the base scenario for the current week. If inflows to Bitcoin ETFs persist and the price is fixed above $ 83-84 thousand, bitcoin may move towards $ 85-89 thousand. The reverse scenario assumes a resumption of outflows from ETFs, rising bond yields and a strengthening dollar. In this case, the cryptocurrency may initially decline to $ 77-79 thousand, and with increased sales, return to the area of $ 75-76 thousand.

According to the expert, for continued growth, it is not a short-term exit above $ 82 thousand that is important, but a combination of stable spot demand, positive dynamics of flows in ETFs and the consolidation of bitcoin above $ 83-84 thousand.

The bitcoin (BTC) exchange rate rose to $80,000 on August 24 for the first time since May of this year. Later, on August 25, the cost of bitcoin exceeded $81 thousand for the first time since May 15.