Bitcoin pauses on approach to $8,200 as Barry Silbert claims that the crypto winter is over

  • The head of Digital Currency Group is optimistic about the long-term Bitcoin performance.
  • A sustainable move above $8,200 is needed for an extended recovery.

The head of Digital Currency Group Barry Silbert believes that the crypto winter is over. Speaking n the interview with Bloomberg Technology, he explained that the cryptocurrency market tends t move in cycles, while the recent growth of prices signals that the downtrend is over.

The expert compared Bitcoin price movements with a roller-coaster. He pointed out that the first digital currency lost over 80% of its value four times and each time it recovered and hit a new maximum.

Also, Silbert noted that institutional investors had been actively engaged in the cryptocurrency industry for some time now. Regulated custodial solutions allowed them to get exposure to the new type of asset.

At the time of writing, BTC/USD is changing hands at $8,120. The coin managed to clear $8,000 and $8,100 barriers, though the further upside may be limited by $8,200. This resistance is created by a confluence of the middle line of 1-day Bollinger Band and 23/6% Fibo retracement daily. Once it is cleared, the recovery is likely to gain traction with the next focus on $8,500 and $8,900 (an upper line of weekly and daily Bollinger Bands

On the downside,  a sustainable move back below $8,00  handle will trigger strong sell-off and open up the way towards $7,450 (the lower boundary of 1-day Bollinger Band) followed by $7,230 (SMA50 - Simple Moving Average - on a daily chart).

BTC/USD, 1-day chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin attempts a dead cat bounce amid a descending channel

Bitcoin (BTC/USD), the most dominantly traded cryptocurrency, is seen attempting minor recoveries on the 9900 handle, having extended the recent declines to 9,850.65, in the wake of a symmetrical triangle breakdown on the hourly sticks seen on Saturday.

More Bitcoin News

Cryptocurrency market update: Bears dominate quiet Saturday trading

Bearish momentum extends on Saturday across the crypto space. Bitcoin is the top weekly loser among five dominant cryptocurrencies. Ripple (XRP/USD) extends its corrective slide from six-week tops into a third straight day today.

More Cryptocurrencies News

Litecoin price prediction: Bears eye 73.00 amid descending triangle, bearish RSI

The fifth most widely traded cryptocurrency, Litecoin, remains on the back foot so far this Saturday. Sellers take back control amid a descending triangle formation spotted on hourly sticks, with eyes on 73.00.

More Litecoin News

Monero technical analysis: Trapped in range, vulnerable while below 83.50

Monero (XMR), the 14th largest cryptocurrency with the current market capitalization of $1.26 billion, is the second-biggest loser among the top 20 widely traded cryptocurrencies. 

More Monero News


Bitcoin weekly forecast: Let the altcoin season begin

All major altcoins demonstrated strong growth while Bitcoin reluctantly oscillated in a tight range and stayed vulnerable to bearish sentiments. The first digital currency spends the best part of the week hovering around $10,200 level.

Read the weekly forecast