Tanya Abrosimova
Independent Analyst
- BTC/USD settled below key short-term levels.
- Experts believe, that nothing is lost yet.
Bitcoin is changing hands at $7,548 after having tested $8,460 low during early Asian hours. While the downside momentum seems to have faded away, buyers are in no hurry to come abd rescue the largest cryptocurrency from this scary correction.
Doomsday scenarios for Bitcoin from traditional economists like Paul Krugman are well mixed with optimizm from crypto enthusiasts who still believe that BTC will go to $25,000 or higher by the end of the year.
Brian Kelly explained that it is time to buy Bitcoin despite the recent crash. Speaking with CNBC, the expert said that unlike traditional asset classes, cryptos can easily move 5-6% in a single day, which is considered to be a norm for this industry. Once the issues with declined ETF proposal clam down, the market will resume growing, which may happen soon as all negativity has been already priced in.
Bitcoin's technical picture
From the technical point of view, BTC/USD keeps close to critical $7,500. Once it is broken, $7,370 (38.2% Fibo retracement) will come into focus. On the upside, the first bulish aim comes at $7,862 (50.0% Fibo retracement), while the ultimate goal is $8,000. This level needs to be taken out for a sustained recovery.
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