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

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


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

FLOKI whales add 30 billion tokens to their holdings in May, meme coin rises 11% on the day

FLOKI whales add 30 billion tokens to their holdings in May, meme coin rises 11% on the day

Floki Inu (FLOKI) has noted a spike in on-chain metrics in May. The meme coin rallied alongside large market capitalization meme tokens like Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF) and PEPE (PEPE) this cycle. 

More FLOKI News

Top 3 meme coins Dogecoin, Shiba Inu suffer price decline, Bonk price rallies

Top 3 meme coins Dogecoin, Shiba Inu suffer price decline, Bonk price rallies

Dogecoin (DOGE) and Shiba Inu (SHIB) decline on Tuesday amidst bearish on-chain metrics, as seen on Santiment. On the other hand, Bonk (BONK) price rallies amidst bullish technical indicators on its daily chart. 

More Meme coins News

XRP holders shed altcoin holdings at a loss, Ripple struggles to tackle resistance at $0.55

XRP holders shed altcoin holdings at a loss, Ripple struggles to tackle resistance at $0.55

Ripple holders shed their XRP holdings and took $20 million in profits since May 18. XRP social dominance is nearly at the same level, at 1.46%. XRP sustained above $0.52 on Tuesday but is down 1% on the day. 

More Ripple News

Bitcoin wallet tagged as Mt.Gox transferred nearly $2.93 billion in BTC, the asset hovers at around $68,000

Bitcoin wallet tagged as Mt.Gox transferred nearly $2.93 billion in BTC, the asset hovers at around $68,000

Bitcoin hovers around the $68,000 level on May 28, Tuesday as market participants brace for Mt.Gox transfers of BTC. The defunct crypto exchange’s wallet, tracked by on-chain intelligence trackers, have made BTC transfers to a new wallet. 

More Bitcoin News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis

BTC

ETH

XRP