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 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.
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.