Bitcoin price analysis: BTC/USD rangebound; Spencer Bogart explains why cryptos crashed this year

Spencer Bogart says prices are artificially low.
BTC/USD is trading above short-term MAs.

Tanya Abrosimova Independent Analyst

As Bitcoin bounced back after crashing below $6,000 at the end of the previous week, some crypto bulls come out with optimistic views. Thus, blockchain venture capitalist Spencer Bogart is sure that current prices have been unjustifiably low, which may result in strong growth once the correction from a stellar rise in 2017 is over. A whopping number of crypto hedge funds created back in summer 2017, now "hitting their one-year lock up", he explained in the interview with CNBC.

"They’re saying, ‘hey, I want to redeem out of that fund,'" Bogart said. "That means forced selling on behalf of all of these new crypto funds that have popped up. I think that could take prices artificially lower."

Bitcoin technical picture

BTC/USD is trading above all 30-min MAs, which is a positive intraday signal. The digital coin No.1 is changing hands at $6,246, off Monday's high reached at $6,300, but still in the green zone on daily basis. Once $6,300 handle is cleared, the ultimate resistance of $6,400 with come into focus. A sustainable break higher is vital for extended recovery.

BTC/USD, 30-min chart

Author

Tanya Abrosimova

Independent Analyst

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