Following Bitcoin’s relatively volatile week, it appears to have established $3,400 as a level of support, but BTC still faces growing resistance around $3,500 as it has tried and failed on multiple occasions to break above this price level.
Although Bitcoin has yet to plunge back down towards its 2018 lows of $3,200, analysts seem to believe that it still has further to drop, as its bulls have failed to gain significant momentum ever since it broke below $6,400 in late-November of last year.
Bitcoin Defends $3,400, But Fails to Break Above $3,500
At the time of writing, Bitcoin is trading up 0.5% at its current price of $3,480. Earlier this week, BTC fell to lows of $3,400 before climbing to its current price levels.
Although BTC’s bulls have been able to defend its price from falling below $3,400, they have not been able to garner enough buying momentum to push its price back above $3,500, which appears to have turned into a resistance level.
If Bitcoin does drop below…
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