Bitcoin Price Watch: BTC’s Recovery Facing Significant Hurdles

  • Bitcoin price declined below the $3,550 support and tested the $3,380 level against the US Dollar.
  • There was a break below a major bullish trend line with support at $3,590 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently recovering, but it could face strong resistances near $3,550. $3,580 and $3,640.

Bitcoin price extended losses below the $3,600 support against the US Dollar. BTC may recover in the short term, but upsides are likely to be capped by $3,600-3,650.

Bitcoin Price Analysis

In the weekly analysis, we saw a consolidation pattern above the $3,550 support in bitcoin price against the US Dollar. The BTC/USD pair traded in a range for some time, but later sellers managed to push the price below $3,550. The price declined heavily and broke the $3,500 and $3,400 support levels. There was even a close below the $3,500 level and the 100 hourly simple moving average. A new monthly low was formed at $3,372 and later the price started an…

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2019-01-14 07:00:58

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