According to experts at Fundstrat, the price drop of Bitcoin to below $7,000, a two-month low, indicates that the coin will have a difficult time recovering in the short-term.
Bitcoin Uptrend Coming
Robert Sluymer, technical strategist at Fundstrat Global Advisors believes that $7,777 is the key level Bitcoin will have to reach to signal an uptrend is underway.
“The downtrend that began in early May is still intact and will need to be reversed to signal an improvement for BTC,” Robert Sluymer told CNBC.
Source is newsbtc
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