Bitcoin price analysis: BTC/USD recovered from lows but not out of the woods yet

[RianDrops]

FED's officials are out with their crypto criticism.
BTC/USD stays below $8,000 as recovery momentum lacks strength.
Bitcoin is trading at $7,865, off early Asian lows touched at $7,730. The has lost over 1$ of its value during the latest 24 hours with the market capitalization currently standing at $133B. The total value of cryptocurrency market dropped below $300B for the first time since November 25, 2017.

Raphael Bostic, the head of Federal Reserve Bank of Atlanta, is another central banker sharing skeptical views on cryptocurrencies. His message is short and clear: Don't touch!

“They are speculative markets. They are not currency. If you have money you really need, do not put it in these markets,’’ he told an audience of Hope Global Forums annual meeting in Atlanta.

While Bostic was very straightforward in his criticism, the majority of Fed policymakers share the similar opinion. Charles Evans from Federal Reserve Bank of Chicago said that Bitcoin was not the real money


Bitcoin price technical picture

BTC/USD made several attempts to recover above $8,000 hurdle that coincides with 61.8% Fibonacci retracement. BTC bulls need to clear the resistance to reduce the selling pressure, but they won't be able to sign with relief as long as the price stays below $8,350-$8,400 area that encompasses the upper line of Andrew's pitchfork. On the downside, the support is produced by $7,730 (Asian low) and followed by $7,318 (March 18 low).

BTC/USD, the daily chart

Source:https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-analysis-btc-usd-recovered-from-lows-but-not-out-of-the-woods-yet-feds-bostic-urges-to-stay-away-from-bitcoin-201803280311