- Bitcoin price failed near the $3,478-$3,480 resistance zone and declined recently against the US Dollar.
- There is a major declining channel in place with resistance at $3,410 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price could dip a few points before making another attempt to recover above $3,440.
Bitcoin price is struggling to gain momentum above $3,400 against the US Dollar. BTC price might test the $3,360 support before a fresh upward move above the $3,400 level.
Bitcoin Price Analysis
Recently, we saw a decent recovery above the $3,440 level in bitcoin price against the US Dollar. However, the BTC/USD pair failed to break the $3,478-$3,480 resistance zone. As a result, there was a fresh decline below the $3,440 and $3,420 support levels. There was also a close below the $3,420 level and the 100 hourly simple moving average. Moreover, the price traded below the 50% Fib retracement level of the last wave from the $3,344 low to $3,478 high. Finally,…
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