Bitcoin price declined recently and settled below $3,700. BTC/USD could trade below $3,620 and $3,570 if it fails to surpass the $3,760 and $3,800 resistances.

  • BTC price is trading in a bearish zone below the $3,700 and $3,760 resistances.
  • Two bearish trend lines are in place with resistance near $3,720 on the 30-minute chart.
  • The price remains at a risk of a downside break below the $3,620 and $3,570 support.

Bitcoin BTC Price

Bitcoin Price Analysis

Recently, bitcoin price failed to surpass the $3,800 resistance and later started a downward move. BTC/USD slowly moved into a bearish zone and formed a couple of swing moves near the $3,760 zone. Besides, the recent bearish moves in Ethereum and ripple also increased pressure on BTC buyers.

Bitcoin Price Analysis BTC Chart

Click to Enlarge Chart

Looking at the 30-minute chart of BTC/USD, the pair traded as high as $3,759 recently and declined below the $3,700 and $3,680 support levels. There was even a close below the $3,700 level and the 25 simple moving average (30-minute).

The price traded close to the key $3,620 support and a swing low was formed at $3,630. Currently, the price is consolidating, with an immediate resistance near $3,660 and the 23.6% Fib retracement level of the recent drop from the $3,759 high to $3,630 low.

If there is an upward move above the $3,660 level and the 25 simple moving average (30-minute), the price could test the $3,700 resistance. It coincides with the 50% Fib retracement level of the recent drop from the $3,759 high to $3,630 low.

More importantly, there are two bearish trend lines are in place with resistance near $3,720 on the same chart. Therefore, a proper break above trendline and the last swing high near $3,760 is needed for a fresh bullish wave above $3,800 and $3,900.

If not, there is a risk of a downside break below the $3,620 support area. Overall, bitcoin is trading near a major support and if BTC sellers gain momentum, there could be a sharp bearish reaction below $3,620 and $3,570 in the coming sessions.

The market data is provided by TradingView, Bitfinex.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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