Bitcoin price analysis: BTC/USD recovery from weekend lows still limited; Bobby Lee bullish on Bitcoin

The cryptocurrency massacre continued into the weekend as Bitcoin extended the declines below the $6,400 and $6,300 support discussed last Friday. The sharp drop was not able to find anchorage at $6,200 instead, BTC/USD formed a low of $6,117.52. For a while, the price was limited below $6,200 but there was a breakout that stepped marginally above $6,400.

The former chief executive officer of BTCC, Bobby Lee recently joined the discussion of “pure’ issued virtual currencies as well as the ICO-issued digital assets. While speaking at the Crypto Finance Conference held in California, Lee stated:

“People, companies or investment firms can invest in Bitcoin and cryptocurrencies, [which are] native digital assets. And then there are things like tokens that are issued by groups, teams or projects that are supposed to back certain projects, certain development effort, and certain applications. So those are more like securities, even though they call themselves utility tokens.”

Bobby Lee believes that these ICO-issued tokens are not entirely decentralized and do not befit the description of utility tokens. The board member of the original Bitcoin Foundation insists that these tokens are often misclassified and they are “very different” from “native digital assets.” Bobby Lee went ahead to say that he is bullish of projects such as Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).

Meanwhile, Bitcoin is trading at $6,309 and is up 1.2% on a daily basis. The recent drop $6,400 was stopped at $6,200 but the upside movement that occurred after that has not been able to correct above $6,360. Bitcoin is trading between the moving average support and resistance. However, the trend is bullish and the asset is likely to continue moving upwards sideways. There must be a break above $6,400 for a move towards $6,500 to come into play.

BTC/USD 15-minutes chart