Bitcoin price analysis: BTC/USD poking above $7,000; slim chance for extended recovery

Bitcoin is trying to develop the upside correction at the beginning of the European session, but the momentum is too weak to hope for an extended recovery. Both trading volume and volatility a in decline, which means that the upside dynamics is fading away. 

Price poked above 100-SMA on the hourly chart, but the ultimate resistance created by the upper line of downward Andrew's pitchfork at $7,500 is still out of reach. The coin needs to recover above that level to reduce the downside pressure. 

Bitcoin has lost about 50% of its value since the start of the year, but those who bought the digital asset 12 months ago have earned over 500%. This fact supports the position of HODLers, who believe that that coin will eventually recover and continue climbing to new record maximums. 

Bitcoin enthusiasts are generous with stellar preditcions. Tom Lee, former chief equity strategist at JPMorgan Chase & Co, believes that Bicoin will cost $25,000 by the end of the year, while Cameron and Tyler Winklevoss claim that the price will grow as high as $300,000.

BTC/USD, the hourly chart