Tanya Abrosimova
Independent Analyst
- BTC reversed weekend gains, lost 4.5% since the beginning of the day.
- Fundstrat experts expect that Consensus conference will reverse the trend.
Bitcoin is back below $8,400 again. A recovery attempted on weekend, failed to get the digital currency No.1 above $9,000 threshold. BTC/USD is trading at $8,346 at the time of writing, off the Asian high of $8,712. The coin has lost 4.5% since the start of the day and reversed all Sunday and Saturday gains.
Meanwhile, crypto enthusiasts are flocking to New York for one of the largest crypto event of the year - CoinDesk's Consensus conference. Fundstrat's managing director and technical strategist Robert Sluymer expect that the event will serve as a good bullish trigger for Bitcoin and other coins, dispelling pessimism about regulatory risks.
"The regulatory risk, the fundamental risk around what's happening with cryptos has hit a bottom and now we're in a state of general recovery," he said on CNBC's "Fast Money" Thursday.
He explained that Bitcoin increased each year after Consensus, though it remains to be seen if the market follows the tradition this year.
Bitcoin's technical picture
On the longer-term scale, Bitcoin is jammed between 100-DMA and 50-DMA ($8,826 and $8,263 respectively). A sustainable break in either direction will trigger a strong movement with the next upside target seen at psychological $9,000 and support at $8,000. Both levels are critical for Bitcoin, as move below $8,000 will signal that a recovery from April's low at $6,400 is over.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin, Ethereum and XRP steady as China slaps 125% tariff on US, weekend sell-off looming?
The Cryptocurrency market shows stability at the time of writing on Friday, with Bitcoin (BTC) holding steady at $82,584, Ethereum (ETH) at $1,569, and Ripple (XRP) maintaining its position above $2.00.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
Bitcoin, Ethereum, Dogecoin and Cardano stabilze – Why crypto is in limbo
Bitcoin, Ethereum, Dogecoin and Cardano stabilize on Friday as crypto market capitalization steadies around $2.69 trillion. Crypto traders are recovering from the swing in token prices and the Monday bloodbath.
Can FTX’s 186,000 unstaked SOL dampen Solana price breakout hopes?
Solana price edges higher and trades at $117.31 at the time of writing on Friday, marking a 3.4% increase from the $112.80 open. The smart contracts token corrected lower the previous day, following a sharp recovery to $120 induced by US President Donald Trump’s 90-day tariff pause on Wednesday.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.