Bitcoin price analysis: BTC/USD rangebound; Spencer Bogart explains why cryptos crashed this year

Spencer Bogart says prices are artificially low.
BTC/USD is trading above short-term MAs.

Tanya Abrosimova Independent Analyst

As Bitcoin bounced back after crashing below $6,000 at the end of the previous week, some crypto bulls come out with optimistic views. Thus, blockchain venture capitalist Spencer Bogart is sure that current prices have been unjustifiably low, which may result in strong growth once the correction from a stellar rise in 2017 is over. A whopping number of crypto hedge funds created back in summer 2017, now "hitting their one-year lock up", he explained in the interview with CNBC.

"They’re saying, ‘hey, I want to redeem out of that fund,'" Bogart said. "That means forced selling on behalf of all of these new crypto funds that have popped up. I think that could take prices artificially lower."

Bitcoin technical picture

BTC/USD is trading above all 30-min MAs, which is a positive intraday signal. The digital coin No.1 is changing hands at $6,246, off Monday's high reached at $6,300, but still in the green zone on daily basis. Once $6,300 handle is cleared, the ultimate resistance of $6,400 with come into focus. A sustainable break higher is vital for extended recovery.

BTC/USD, 30-min chart

Author

Tanya Abrosimova

Independent Analyst

Uniswap extends rally amid Arc stablecoin liquidity partnership

Uniswap approaches $3.00 at the time of writing on Tuesday, extending its rebound for the sixth consecutive day. The rebound aligns with the broader risk-on mood in the crypto market, with Bitcoin trading above $67,000.

Crypto Today: Bitcoin extends recovery above $66K as Ethereum and XRP lose momentum

Bitcoin holds above $66,000, seemingly poised to extend its rebound, supported by growing retail demand. Ethereum struggles near the $1,800 short-term supply range despite a strengthening derivatives market.

Bitcoin rebound driven by fading selling pressure as demand remains subdued

Bitcoin extends its recovery, trading above $66,500 on Tuesday, marking four consecutive days of green candlesticks. Report highlights that BTC is staging a tentative relief bounce from deeply oversold conditions, suggesting stabilization rather than a trend reversal.

Zcash, Near Protocol, Hyperliquid regain bullish momentum after Arthur Hayes exit

Zcash, NEAR Protocol, and Hyperliquid edge higher on Tuesday, extending their recovery so far this week. Retail and institutional demand heats up for altcoins, fueling a rebound as prices fully absorb the impact of Arthur Hayes's exit.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.