Tanya Abrosimova
Independent Analyst
- BTC/USD is consolidating in a narrow range with the bearish bias.
- Experts warn that more downside is in store.
BTC/USD is sitting in a narrow range, capped by $6,500 on the upside, down mostly unchanged since the beginning of the day. The digital coin No. 1 has recovered from $6,135 reached on June 13, but the upside momentum is fading away.
Experts warn that this week may bring more pain to Bitcoin bulls, citing Coinrail hack attack and Western Union refusal to deal with digital money as the key factors behind bearish sentiments.
"Bitcoin is sidelined. Investors are reluctant to buy the coin as they fear another crash, while sellers are in wait-and-see mode as of yet", explained Vladislav Antonov from Alpari, Russian Forex and CFD broker company.
Bitcoin's technical picture
From the longer term perspective, a sustainable movement below $6,000 will trigger more selling and push the coin towards 018 low at $5,873 and to the long-term bearish aim at $4,000. On the upside, a strong move above $6,700 is needed for the recovery to gain traction.
BTC/USD, the daily chart
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