Bitcoin price analysis BTC/USD retreats from recent high, but Fundstrat's Tom Lee says we have passed the bottom

BTC/USD lost 1.5% on a daily basis amid correction.
Tome Lee noticed strong growth of trading activity.

Tanya Abrosimova Independent Analyst

Bitcoin is trading at $8,185, off the multi-month high at $8,488. The coin has lost 1.5% on a daily basis and gained 0.3% since the beginning of Thursday amid healthy correction from an overbought territory.

At the same time, crypto volumes - digital currencies changing hands - on exchanges have seen a spike in activity. And bitcoin bull Tom Lee, head of research at Fundstrat, believes that we have received a strong signal that the worst is over.

"It's more evidence supporting a bottom," he said in an interview with Business Insider.

"A few weeks ago when bitcoin started to rally, skeptics dismissed the move saying there was no volume. Now we have massive jumps in volume," he added.

Bitcoin's technical picture

On the intraday level, BTC/USD is supported by 50-SMA (1-hour chart) at $8,187. Once it is broken, the downside may be extended towards 50.0% Fibo retracement at $7,862, folowed by 200-SMA at $$7,800. On the upside, $8,354 (61.8% Fibo retracement) remains the ultimate goal, followed by recent high at $8,488 and $8,500.

BTC/USD, 1-hour chart

Author

Tanya Abrosimova

Independent Analyst

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