Bitcoin price trading in a range below $7,000: Tom Lee tells cryptocurrency investors to hold on, Bitcoin will hit $25,000 end of 2018
- According to Tom Lee analysis, holding to Bitcoin could result in more profits by the end of the year.
- BTC/USD is ranging and fluctuation above and below the pivotal $7,000 level.
Bitcoin price is down 7.8% in the last 24 hours on Friday afternoon GMT. The 50 Simple Moving Average is now acting as the immediate resistance level. The price is, however, lacking a catalyst to sustain it above the pivotal $7,000.
The industry’s top analyst Tom Lee, has released his new review of Bitcoin. He says that Bitcoin will come out of the descending channel to hit $25,000 by the end of this year. He further tells the investors to hold on to their Bitcoin in order realize good profits.
Technically, Bitcoin price is trading in a ranging channel on the intraday 15’ timeframe chart between highs of $7,024 and lows of $6,881. As mentioned earlier, the 100 SMA is presenting increasing selling pressure resistance to upside gains above $7,000. BTC/USD is testing the short-term support level at $6,881. There is a growing bearish momentum around this level according to the MACD indicator. The buyers need a catalyst to force a trend reversal to the upside and above $7,000.
BTC/USD intraday 15’ chart
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
