Following the cryptocurrency market’s recent plunge that sent Bitcoin and most altcoins down 10% or more, the markets have been able to find some levels of stability around their current price levels and are currently trading down slightly.
One analyst now claims that Bitcoin must finish the weekend above $3,700 in order for it to climb higher, or else it will likely drop into the low-$3,000 region.
Bitcoin Stable, Struggling to Break Above $3,700
Yesterday, Bitcoin treated $3,700 as a level of support throughout the day, but it now appears that this price is becoming a level of relative resistance for the cryptocurrency.
At the time of writing, Bitcoin is trading down 1% at its current price of $3,660. Earlier this week, Bitcoin plunged to its current prices after surging to highs of $4,100 last weekend. This drop destroyed most of the upwards momentum that Bitcoin had experienced after it set 2018 lows at $3,200 in mid-December.
DonAlt, a popular cryptocurrency analyst on…
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