RATE Group | Bitcoin Rebound Not Likely in the Short-Term, Analysts Eye $7,777 to Signal Uptrend
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Bitcoin Rebound Not Likely in the Short-Term, Analysts Eye $7,777 to Signal Uptrend

11 Jun Bitcoin Rebound Not Likely in the Short-Term, Analysts Eye $7,777 to Signal Uptrend

Posted at 23:53h in Bitcoin News by

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According to experts at Fundstrat, the price drop of Bitcoin to below $7,000, a two-month low, indicates that the coin will have a difficult time recovering in the short-term.

Bitcoin Uptrend Coming

Robert Sluymer, technical strategist at Fundstrat Global Advisors believes that $7,777 is the key level Bitcoin will have to reach to signal an uptrend is underway.

“The downtrend that began in early May is still intact and will need to be reversed to signal an improvement for BTC,” Robert Sluymer told CNBC.

As of now, Bitcoin is trading at $6,775, following a drop down to about $6,720 yesterday morning. This comes after the cryptocurrency fell more than 10% over the weekend to a low of about $6,650 on Sunday, according to CoinMarketCap. For context, Bitcoin is down almost 50% this year and more than 60% from the all-time highs reached in mid-December.

One thing being eyed by analysts is the ‘Upper Bollinger Band,’ something of which Bitcoin hasn’t consistently hit according to…

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