CNBC’s “Futures Now” segment recently brought on Jeff Kilburg, the CEO of KKM Financial, and Jim Iurio, a broker at TJM Institutional Services, to discuss the recent uptick in buying pressure for Bitcoin (BTC). For those who missed the memo, within a week’s time, BTC, which found a year-to-date low at ~$3150 last week, has recovered to the $4,000-$4,100 range.
Analysts have been unable to discern whether this seeming “relief rally” was catalyzed by fundamental catalysts or pure technicals. Some commentators, like Alex Kruger, have noted that technicals remain the strongest impetus behind this market’s day-to-day movement. As such, the crypto-friendly researcher noted that BTC’s recent recovery is merely a correction off oversold levels, rather than a shift in this industry’s fabric, subsequently adding that a move back to the low 3000s isn’t out of the realm of possibility.
The aforementioned CNBC guests seemingly echoed this sentiment, noting that BTC could fall back to its year-to-date lows in the weeks to come. Iurio first noted that “he’s never been a lover of Bitcoin,” explaining that if BTC holds above $4,085, $4,515 is likely, but otherwise, the flagship cryptocurrency could move drastically lower.
Bitcoin (BTC) is down 2.85% over the past 24 hours and is currently trading at $3,942.98 on Coinbase. BTC dominance is at 53.2% and the total cryptocurrency market cap is currently at $129 Billion.
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