LIVE from the Nasdaq Entrepreneurial Center in San Francisco on Thursday, June 14. Earlier today, on May 29, the bitcoin price dropped to $7,040, to its new monthly low.

Since then, BTC has recovered to $7,450, but regardless of the newly formed optimism in the market, it is still too early to conclude the start of a new bull market. As CCN reported throughout late May, analysts expect the bitcoin price to fall below the $7,000 mark in the near future before rebounding to its mid-term support levels at $10,000 and $12,000.

On May 29, BTC came close to reaching below the $7,000 mark as it dropped to $7,040. Over the past few hours, BTC rebounded relatively quickly from $7,050 to $7,450, but its short-term corrective rally is not convincing enough based on its volume and price trend to conclude that a new bull rally is forming.

One respected bitcoin technical analyst wrote:” data-reactid=”47″>One respected bitcoin technical analyst wrote: “Recent price action has taught us that these thin, fast moves up should be treated with some caution. They’re known as liquidity voids and price often, though not always, comes back to fill them in.

If price can find support above $7,450 that would suggest a break in market structure & these would be the next logical areas to reach for (shorter-term). If it can’t/fails to close on a higher high, would suggest this thin move was just a stop run of the blue swing high.” The technical analysis of the short-term trend of bitcoin is backed by the shortage of volume over the past 24 hours. The abrupt spike in buy volume which caused BTC to jump by more than $4000 was smaller than the sell volume recorded merely two days ago, demonstrating that the recent price surge of BTC is temporary. Read more from finance.yahoo.com…

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