- Bitcoin price struggled to surpass the $3,500 resistance and declined sharply against the US Dollar.
- There was a break below a connecting bullish trend line with support at $3,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is under pressure and it could continue to move down towards $3,350 or $3,300.
Bitcoin price moved back in a bearish zone below $3,440 against the US Dollar. BTC price might correct a few points, but upsides are likely to face sellers near $3,440 or $3,475.
Bitcoin Price Analysis
This past week, bitcoin price made a couple of attempts to break the $3,475-$3,500 resistance against the US Dollar. However, the BTC/USD pair failed to gain strength above $3,480 and started a fresh decline. It declined below the $3,440 support and the 100 hourly simple moving average. Moreover, there was a break below the 50% Fib retracement level of the last leg from the $3,345 swing low to $3,493 high. It opened the doors for more losses below the…
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