• BTC/USD is not ready for a long-term recovery yet.
  • A move above $8,000 will mitigate the initial pressure. 

Bitcoin (BTC) attested a recovery during Sunday hours but failed to clear $7,200. The first digital coin is changing hands at $7,160, mostly unchanged both on a day-to-day basis and since the beginning of the day. Notably, some major altcoins managed to retain the gains at least partially. Thus, ETH/USD is 1.5% higher than from this time on Saturday. LTC/USD jumped by early 3%.

Despite some positive developments, market analysts are in no hurry to change their bearish forecasts. Thus famous cryptocurrency technical analyst Joe Rager noted recently on Twitter that TBTC/USD should clear $8,000 to give aa hope for a reversal.

That's what he wrote:

Feeling bullish after that $1k move? Zoom out and you'll see price is still very much in a downtrend. Needs to break/hold above $7950/$8k for any talk of a potential reversal. Break previous low and likely head under $6k where $5,300 area is a promising place for buyers

BTC/USD: technical picture

From the long-term post of view, BTC/USD is still inside the descending wedge, with the support line low at $6,200. While we still well above this hurdle, a sustainable move under the recent low of $6,450 will speed up the bearish movement and take us to the pivotal support. If it is broken, a way to $5,300. This area contains the lower line of the Bollinger Band and strong orders that are likely to stop the decline. 

If we manage to take BTC/USD above SMA50 (Simple Moving Average) daily at $7,800 and $8,000, the recovery will gain pace with the next focus on $8,300 (SMA100 daily). The next resistance is created by $8,900 (the upper boundary of the above-said wedge) and $9,300 (SMA200 daily).

BTC/USD daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD may hit $8,000 soon if SMA50 daily gives way

BTC/USD hit the intraday high at $7,460 and retreated to $7,270 by press time. Despite the downside correction, the coin is moving within a short-term upside trend amid low volatility.

More Bitcoin News

Ripple Price Analysis: XRP/USD breaks above $0.19, bulls aims for $0.20 next

XRP/USD bulls are well and truly in control as the price has risen from $0.1794 to $0.1955, going past crucial psychological levels at $0.18 and $0.19. To continue this upward momentum, the bulls must go ...

More Ripple News

Ethereum Price Analysis: ETH/USD skyrockets above $170.00, next target $200.00

ETH/USD jumped above $176.00 during early Asian hours as the bullish momentum increased after the coin broke above the psychological $150.00.

More Ethereum News

EOS Price Analysis: EOS/USD bulls aim to take the price above $2.80

EOS/USD had a hugely Monday as the price jumped from $2.35 to $2.76. The price has increased a little more to $2.794 in the early hours of Tuesday. The bulls also managed to break past ...

More EOS News


Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast