Bitcoin price analysis: BTC/USD settles above $6,500; Fundstrat's Tom Lee blames crypto future for Bitcoin crash

Bitcoin recovery stalled on approach to $6,600.
Tom Lee says the crash was caused by futures expiration.

Tanya Abrosimova Independent Analyst

BTC/USD is changing hands at $6,589, off late Thursday high reached at $6,620. The recovery is fading away. signaling that the market may resume the downside as positive news have a very short-term effect.

According to Tom Lee, the head of Fundstrat Global Advisors the painful Bitcoin sell-off might have been caused by the expiration of cryptocurrency futures contracts. He emphasised high spot market volatility during Cboe and CME futures expirations as traders try to minimize risks.

At the same time, Lee admits that bad sentiment amid slow progress on attracting institutional money and technical factors exasperated the decline

Bitcoin's technical picture

From the short-term perspective, BTC/USD recovery is capped by 100-SMA (hourly chart) ant $6,610. Once this resistance is cleared, the upside may be extended towards $6,700 and then to the ultimate bullish goal at $7,000. On the downside, a sustainable movement below $6,500 will throw us back to $6,483, closely followed by 50-SMA (hourly chart) at $6,476.

BTC/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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