Bitcoin price experienced a bullish momentum earlier this week with the price rising up to $4180 today morning. However, the downfall started sometime back (from the time of writing) when BTC suddenly started to crash down from the major support of $4000 and $3800. Now the only major support left for bitcoin is around $3600 where bitcoin price was fluctuating from the last couple of weeks.
Bitcoin Price Analysis:
Resistance Level: 3850
Support Levels: $3750, $3700, $3600
Bitcoin price broke the key support level of $4000 and even the second major support at $3800 today. The momentum seems quite bearish as the price is continuously experiencing a downfall. However, the chances of bitcoin crashing up to $3600 are quite low as a lot of buyers are placed between $3700 and $3800 which are preventing the price from moving further downwards.
A new resistance is formed at $3850 which may prevent the price from reaching back above $4000. Bitcoin will most probably struggle between $3700 and $3900 for a few days before actually starting to rise again. Bitcoin price is currently trading at $3836 (at the time of publishing) and the momentum seems bearish, however, BTC remains well support above $3700.
