- Bitcoin is rangebound after substantial losses.
- Experts see $7,777 as the key recovery aim.
BTC/USD managed to settle above $6,800 handle, off the Sunday’s low registered at $6,652. The coin has gained 1$ in recent 24 hours, but the recovery is weak and unconvincing.
According to Robert Sluymer, technical strategist at Fundstrat Global Advisors, a break below $7,000 mark signals that the digital coin No. 1 will have a hard time recovering from the recent crash.
“The downtrend that began in early May is still intact and will need to be reversed to signal an improvement for BTC,” Robert Sluymer, technical strategist at Fundstrat Global Advisors, said.
The expert believes that $7,777 is currently the critical resistance for Bitcoin. We need to clear this level to shake off the bearish blues.
Bitcoin’s technical picture
On the intraday level, the upside is capped by $6,900 handle, strengthened by 100-SMA (30-min chart), once it is broken, the recovery may be extended towards $7,000 and to $7,250 (200-SMA, 30-min chart). The support is creatd by 50-SMA at $6,779, followed by Sunday’s low at $6,652. If it gives way, April’s low at $6,464 will come into focus
BTC/USD, the 30-min chart