Technical Indicators:
Support Level: $3,800
Resistance Level: 3,900
- BTC price spiked over the $3,850 resistance level, yet it was unable to pick up the pace.
- Bitcoin is trading in range beneath $3,900 resistance level.
- BTC price could fall towards the $3,750 support level before bouncing back towards $3,850.
BTC price is currently trading in a range underneath the $3900 resistance level. Bitcoin could fall lower, yet it is well supported over the $3,750 level.
BTC Price Analysis
We recently saw a major resistance formed around $3,850 level in BTC price. Bitcoin tried a lot of times to break the $3,850 resistance, yet it was unable to do so. There was even a bearish response underneath $3,700, yet the price immediately recovered after falling to $3,650. BTC price spiked back and settled over the $3,800 support level. There was a sharp upward move over the $3,850 resistance, however, the buying pressure was not enough to pick up the pace.
The $3,770 and $3,760 levels went about as good supports for BTC price. Right now, Bitcoin price is trading close to the $3,800 support and the 100 hourly SMA.
Bitcoin stays well supported around the $3,750 level. On the upside, the first resistance is at $3,850, followed by the $3,900. If bitcoin is able to break above $3,900, it could move towards $4000 and $4100 in short term.
The chart shows that BTC price is currently trading in a short-range underneath the $3,850 resistance. Bitcoin could start a bullish run soon if the buyers are able to break the major resistance around $3900. However, a break underneath $3,740 may drive the price towards the $3,650 support.
