Bitcoin price analysis: BTC/USD loses ground, 61.8% Fibo under threat

Bitcoin finished the previous week with nearly 20% gains giving the HODLers some light in the tunnel. While it remains to be seen whether the bearish trend is gone, the weekly close above $8,000 and above 61.8% Fibo at $8,100 looks inspiring enough to encourage some optimism and hopeful forecasts. Experts believe that the end of tax period in the US creates a positive background for BTC as those who had to sell their crypto assets to settle tax obligations, would enter the market on the long side. 

Tim Draper, founder and managing partner of Draper Associates and Draper University, joint the ranks of prominent Bitcoin bulls with his outstanding forecast for BTC price. Speaking outside the Draper University in San Mateo, he claimed that the coin would cost $250,000.

“Believe it. It’s going to happen, they going to think you’re crazy. It’s gonna be awesome,” he said as cited by CNBC.

Bitcoin price technical picture

Meanwhile, BTC/USD reached $8,409 during early Asian hours on Monday but reversed most of the gains by the time of writing. The coin is down 2% on the day, trading at $8,161 with 50-EMA (hourly interval) serving as local support before more critical technical barriers, such as above mentioned 61.8% Fibo at $8,100 and psychological $8,000. The upside is capped by $8,400-$8,500 area, once it is cleared, the bullish momentum may gain traction to take the coin to 8,700 (200-EMA, daily interval)

BTC/USD, the hourly chart