Short Term Support Level: $3250
Long Term Support Level: $3000
Resistance Level: $3400
Key Points
- Bitcoin price is still facing bearish pressure with the major resistance close to $3400.
- On the hourly chart, the bitcoin price is facing major selling pressure above $3400.
- If bitcoin price fails to break the resistance around $3400, the price will likely experience a downfall.
Bitcoin price is still in a bear zone trading below $3400. The sellers are pushing the price downwards and losses may extend with the price falling up to $3000 in short term.
Bitcoin Price Analysis
Bitcoin price is currently experiencing bearish momentum below $3400. The price fell up to $3340 earlier today but recovered back up to $3431. Bitcoin is currently trading at $3399 according to CoinGecko and there are chances of further losses.
The major resistance around $3400 is pushing the price downwards and forming a bearish trend line close to the resistance. Bitcoin price needs to break above the resistance between $3400 and $3500 in order to move upside but the selling pressure remains at high which is pulling back the price and the price may fall down to test the little support around $3250. The major long support right now lies at $3000 (200 weekly MA) which if broken could turn up bitcoin to crash down to $2500 or even below.
Looking at the 24-hour chart, bitcoin price is extending losses and bitcoin price will likely fall below to test the major support at $3000.
