RATE Group | Don’t expect a quick bitcoin rebound from weekend rout: Chart analysts
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Don’t expect a quick bitcoin rebound from weekend rout: Chart analysts

11 Jun Don’t expect a quick bitcoin rebound from weekend rout: Chart analysts

Posted at 16:15h in Bitcoin News by

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Bitcoin’s plunge below $7,000 to a two-month low indicates the cryptocurrency will have a difficult time recovering, technical strategists say.

“The downtrend that began in early May is still intact and will need to be reversed to signal an improvement for BTC,” Robert Sluymer, technical strategist at Fundstrat Global Advisors, said in an email.

For him, $7,777 is the key level bitcoin will have to top to signal an uptrend is underway.

Bitcoin 12-month performance

Source: CoinDesk

Bitcoin traded near $6,720 Monday morning. It fell more than 10 percent over the weekend to a low of $6,647.33 on…

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