The Bitcoin news today show a rather dull move from the leading cryptocurrency, which has managed to fall from its $4,200 highs to a new low of $3,842, dropping around 10% in only one day. The Bitcoin market cap also lost around $5 billion, while the total cryptocurrency market cap (again) went below the $130 billion mark.
According to analysts, one of the reasons for this move may be the delay of the tariff hike by the US President Donald Trump. However, what’s certain is that the price of BTC was rejected and as a result of that, there was a huge bearish reaction where sellers gained pace and pushed the price below the key $4,000 support level.
The current price action seems bearish – without any upsides likely to be capped near $3,860. However, the main resistance is right now near the $3,900 level. Above $3,900, the price of Bitcoin could face resistance near $3,950 and the 100 hourly SMA. On the other hand, a break above the main $4,000 hurdle won’t be easy for buyers.
Looking at the chart, the Bitcoin price made a sharp U-turn below the $4,000 and $3,900 support levels. From this, it could correct higher in the short term but the previous supports at $3,860 and $3,900 might also prevent further gains.
On the downside, the initial support is formed at $3,680 below which the price may decline even below $3,600.
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