Analyst: BTC rebound premature, drop to $55K possible

It is too early to expect a full-scale rebound for Bitcoin, according to Alex Kuptsikevich, a senior market analyst at FxPro, CoinDesk reported. He noted that BTC is currently trading near its 200-week moving average, pointing out that the last three times the cryptocurrency fell below this level, it was followed by a long-term bear market rather than a short-term rebound. Kuptsikevich predicted that if the key short-term support level between $61,800 and $62,000 is breached, Bitcoin could fall to $55,000.