Bitcoin price analysis: BTC/USD bulls took timeout, but Barry Silbert believes the worst is over
- BTC/USD stays in a tight range, capped by 38.2% Fibo.
- Barry Silbert from Digital Currency Group produced optimistic projections.
Bitcoin is rangebound during early Asian hours on Thursday. The digital currency No.1 is having some rest after a head-spinning rally. BTC/USD is changing hands at $7,335, mostly unchanged since the beginning of the day and 1.5% lower since this time on Wednesday. Considering the subdued volatility and neutral short-term sentiments, the coin may stay calm for the rest of the day.
Meanwhile, founder and chief executive officer Digital Currency Group Barry Silbert believes that Bitcoin has bottomed out and will climb higher. Speaking at the Delivering Alpha Conference in New York on Wednesday, he confessed that he had invested some money in Bitcoin this week as this asset class is here to stay.
"This is a new infrastructure layer of the internet. It will replace what operating systems do. It is the future of the internet ... This just isn’t about digital gold.”
Bitcoin's technical picture
From the intraday perspective, $7,300 handle serves as the local support area. If the selling pressure proves to be strong enough to push the price lower, $7,216 (50-SMA, 1-hour chart) and ultimate $7,000 will come into focus. On the upside, BTC/USD needs to get back above $7,370 (38.2% Fibo retracemet) to get a chance to retest $7,500.
Author
Tanya Abrosimova
Independent Analyst
