Bitcoin price (BTC/USD) struggles to reclaim $6,600 on Tuesday

New bullish trend could take months to develop, according to Fundstrat analyst

Bitcoin price (BTC/USD) struggles to reclaim $6,600 on Tuesday

The Bitcoin price (BTC/USD) has edged lower on Tuesday, continuing its lacklustre performance since the start of the week.

The original cryptocurrency has had a rough 24 hours, mostly hovering around the $6,600 mark. The digital coin dropped below that level in yesterday’s afternoon session and has been unable to recover since then. The coin fell to as low as $6,549.08, before eventually closing the Monday session at $6,589.62, down from its opening price of $6,619.85.

Bitcoin attempted to reclaim the $6,600 level in today’s morning trading, but its advance ran out of steam after encountering resistance around the $6,590 area. At the time of writing, the Bitcoin price was hovering around $6,570, according to data from digital currency tracker Coinmarketcap.

Billionaire investor Mike Novogratz has recently suggested that a new bull run may be on the cards for Bitcoin in the near future. However, Rob Sluymer, technical analyst at Fundstrat Global Advisors, said in a recent note to clients that the coin might have to wait longer for a rebound.

“Given the technical damage that has developed in 2018, we expect most cryptocurrencies will likely require months of repair before a new bullish trend can develop,” Sluymer said, as quoted by MarketWatch. “This is consistent with post-bear-market behavior that has developed in other asset classes following bear markets.”

The analyst added that the first step towards repairing the damage was for Bitcoin to revisit its September high of above $7,400.

In today’s trading, the Bitcoin price stood at $6,572.94, as f 12:50 BST. The digital coin has lost 0.4% in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $113.7 billion, which represents 51.4% of the combined value of all digital currencies.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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