Bitcoin overview: BTC/USD hovers at 6-week low

Bitcoin price is tumbling again. The first digital coin is changing hands below $3,400 after touching $3,374 on Monday.Tthe downside pressure resumed  during early Asian hours on Tuesday, BTC is down over 3% down on a day-over-day basis.

Meanwhile, the head of Fundstrat Global Advisers and a prominent Bitcoin bull Tom Lee believes that Bitcoin lived through a tough year because the coin failed to differentiate itself from altcoins.

“It’s a huge disappointment, it neither came in terms of price or calendar. Last year was a year where the crypto bubble was really adjusting because there were a lot of ICOs and flawed projects we thought bitcoin would sort of surviving that. It didn’t. It got sold off with the rest of the market,” he commented in the interview with Fox News.

He still expects BTC/USD to reach $25,000, as it is a fair value for the digital asset.

Looking technically, BTC/USD stays close to the critical level $3,400. A sustainable move below will increase the downside pressure. The sell-off may gain traction and take the price towards the next interim barrier at $3,200 followed by 2018 low at $3,127. On the upside, we need to see a sustainable move above $3,500 to get a chance for an extended recovery with the next focus on $3,600 and $3.665 (DMA50).