Bitcoin price analysis: BTC/USD keeps ground after exciting weekend, but technical analysts are sceptical

Technical analysts water down bullish forecasts with skepticism.
BTC/USD bulls have new obstacle at $6,483.

Tanya Abrosimova Independent Analyst

The weekend brought some respite to exhausted Bitcoin bulls. The digital coin No. 1 recovered from multi-month low and touched $6,520 on Saturday, but retraced to $6,326 by the time of writing.

While some hardcore Bitcoin bulls stick to their optimistic predictions that the coin would reach $25,000 (Tom Lee from Fundstrat Global Advisors) or even $40,000 (Llew Claasen from Bitcoin Foundation) by the end of the year, technical analysts are not that sure. Thus, Fawad Razaqzada from Forex.com says that the charts are looking bearish with no evidence that Bitcoin would experience another head-spinning rise.

“I can’t base my analysis on anything other than technicals and right now the charts are looking very bearish. Therefore, as things stand, I have no reason to expect bitcoin to go to those crazy levels again,” he explained.

Bitcoin technical picture

From the longer-term perspective, a sustainable movement above the downside trend line created by Andrew's pitchfork upper line, may be regarded as a positive signal. However $6,483 is still unconquered, it is a strong resistance level with a potential to limit the upside for the time being. On the downside, the critical support is created by $6,000 and followed by $5,777 (recent low).

BTC/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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