Bitcoin [BTC] still holding above April 4 trend line is good for market, $6,800 is the safe zone, says Tim Seymour |
Bitcoin [BTC]’s rise and fall have been peppered with speculation about the asset’s longevity as a mainstream commodity. This sentiment was washed away when the largest cryptocurrency in the market spiked significantly to break the $8,000 barrier recently. However, towards the end of the week, the market took another hit which saw most of the crypto-assets fall in value.
In the latest segment of CNBC Fast Money, the panelists discussed the coin ‘plunging by 10 percent’ in a night, stirring up the market and pushing sentiment into the negative sector. The discussion further addressed the Bitcoin market’s 8.9 percent drop, with $21 billion being wiped off over the course of a day. The panelists further added:
“It has been a very impressive year for Bitcoin and the rally that followed was a testament to that fact. The 30 percent rally further allowed Bitcoin to break the $8000 barrier, a healthy push for the world’s largest cryptocurrency.”
The discussion also included Tim Seymour of Seymour Investment Management, who is also known as the ‘cannabis king’. Seymour was of the opinion that the ongoing Bitcoin conferences in New York had shifted investor sentiment in the crypto-world’s favor. Seymour continued:
“All the Bitcoin folks, if you look at the charts and follow the trend line since April 4, you can see that the rise has been consistent and even with the recent fall, the price is still higher than that trend line. The hold above the $6800 mark is evident and that corresponded with the 95 9-day RSI for the cryptocurrency, something that is extreme even for Bitcoin.”
The discussion also informed users that the move was important as it gapped up the market. Bitcoin’s price has been gapped only five times over the course of the past year, with the latest price fall closing the last of the gaps, an opportune time, according to the analysts, to buy in.