Bitcoin Slides Below $37,000

"Bitcoin remains trapped in a tight range, losing 3.2% since the start of the day to settle at $36,800 on Friday morning. At the moment, all attention is focused on the dynamic of the major cryptocurrency in case it falls below $35,000. Since last week, buyers have been actively buying the crypto when it has fallen to the $30,000-35,000 area, however, they have not been able to develop a meaningful rebound.

The altcoins are showing a moderately positive dynamic. In spite of the pressure on the mining business in China, as well as the power outage in Iran, the Bitcoin network hashrate is consistently high. As we assumed earlier, billionaires and opinion leaders have started to support cryptocurrencies with their statements similar to Elon Musk's. At first, Ray Dalio made a statement in favor of BTC, now Carl Icahn has joined him by suggesting he is willing to invest up to $1.5 billion in digital assets.

It is very likely that they have invested this money a long time ago and are now trying to support cryptos. On the regulatory side, the news is still alarming: it has recently be known that the SEC chairman Gary Gensler is ready to work together with the Congress to develop a regulation of cryptocurrency exchanges.

The US authorities' move towards a new plan to stimulate the economy can be seen as a positive background, as the greater the money printing, the greater the chances of Bitcoin's return to growth."