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  • Bitcoin managed to recover to $7,500 handle, but the upside is limited.
  • Nobel Prize-winning economist thinks that cryptos are unsustainable in their current form.

Bitcoin recovered from Asian low registered at $7,338 and came close to $7,500 handle. The digital currency No. 1 is 1.5% higher since the start of the day, but the upside momentum is weak as long as the price stays below $7,500 resistance

Nobel Prize-winning economist Robert Shiller compared Bitcoin to dinosaurs, saying that it would disappear in 100 years time. While the doomsday is not happening tomorrow, cryptocurrency domain is too unpredictable to be sustainable.

“Bitcoin won’t look anything like it is today. It will have a different name, if it exists.  There will have been many hard forks changing it and changing it. And, it’ll be a matter of dispute whether it exists or not,” he saidTuesday on CNBC.

Bitcoin’s technical picture

Technically, BTC/USD spiked above both 50 and 200-SMA on the hourly chart, but further recovery is still capped by $7,500. Once it is cleared, Bitcoin,  $7,683 (23.6% Fibo) will come into focus with the ultimate aim at $8,000.  On the downside, fresh buying interest around 100-SMA ($7,322) will provide short-term support for the coin, but if it is broken, the sell-off may be extended towards $7,000.

BTC/USD, the hourly chart