- Indicators also point towards the dominance of selling pressure in the near-term.
- “Compared to a year ago, (over) the same time (the first 6 months of 2017), Bitcoin volumes are up nine hundred percent,” said Tom Lee.
Bitcoin price has kept the short-term support at $7,600 explored by FXstreet editor Tanya. The king of the virtual currencies is also supported by the 50 SMA on the 1-hour timeframe chart. Bitcoin price succumbed to the bear pressure in the market yesterday, although it used the support at $7,400 to bounced and trade a little above $7,600.
The market has been walloping in bear pressure for weeks now, but appearing on CNBC’s Fast Money segment, Fundstrat’s co-founder Tom Lee maintained his bullish sentiments on Bitcoin. Lee said that comparing Bitcoin’s blowup in late last year to the current figures is somewhat irrelevant. However, he went ahead to compare the current daily volumes to those recorded a year ago saying:
“Compared to a year ago, (over) the same time (the first 6 months of 2017), Bitcoin volumes are up nine hundred percent.” Commenting on Bitcoin price struggled recoil, he said, Bitcoin makes all of its performance in 10 days, in any year. So I don’t think that the fact that it is at the current levels is going to prevent it from actually rising before the end of the year.”
During the session on Tuesday, Bitcoin price broke below the ascending trendline. The bullish trendline will now prevent the gains toward $7,700. However, to attack this level, BTC/USD must make it through the selling pressure at $7,650. In the meantime, the 50 SMA will continue supporting the price to avoid declines because the next support target rests at $7,400. Other indicators also point towards the dominance of selling pressure in the near-term.
BTC/USD 1-hour chart 
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