• Mike Novogratz expects a stable recovery on the market amid growing interest from institutions.
  • Bitcoin is hovering under $3,600, capped by resistance area.

Bitcoin’s recovery is underway, according to Mike Novogratz, founder, and chief executive officer at Galaxy Digital. If institutional money starts flowing into the industry, Bitcoin and other digital assets will start recovery from the lows touched after an 80% market crash, he explained speaking in the interview with Bloomberg.

He sees the market grinding up higher as opposed to the frenzy of 2017 when the prices moved at a neck-breaking speed. According to Novogratz, the upcoming recovery will see Bitcoin separated from digital assets. He regards this coin as a digital version of gold that should be used for storing value. 

Bitcoin’s technical picture

Bitcoin attempted a leg higher during early Asian hours and touched $3,628 high. However, fresh selling interest located around this area pushed the price of the first digital coin back into the range under $3,600. BTC/USD failed to clear a strong resistance area packed with significant technical levels. However, a sustainable move above $3,630 is regarded as a prerequisite for an extended rally towards the recent high at $3,707.

On the downside, the critical support area is created by a confluence of SMA200 (1-hour), SMA50 and SMA100 (4-hour) at $3.530-$3,500. Once it is cleared, the downside may be extended towards $3,400.
BTC/USD, 1H

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 is three steps away from $14000

Yesterday at the close of the US trading session, the BTC/USD pair broke above the long-term downward trend line and immediately shot up to the $10000 level.

More Cryptocurrencies News

XRP/USD to target at daily SMA200, if $0.2100 holds

Ripple’s XRP settled above $0.2100 amid strong bullish momentum on the cryptocurrency market. At the time of writing, XRP/USD is changing hands at $0.2111. 

More Ripple News

BTC/USD holds above $10,000 ahead of another breakout

Bitcoin price shot above $10,000 for the first time since the first week of May. A day before halving, Bitcoin dumped massively to levels close to $8,000.

More Bitcoin News

ETC/USD has a potential to reach $8.00 if move above $7.00 is sustained

ETC discovered a bug that led to desynchronization of Parity Ethereum with ETC blockchain. The team has released a hotfix and asks all OpenEthereum node operators using this software to update to the latest version.

More Ethereum Classic News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.

Read the weekly forecast

BTC

ETH

XRP