{"id":368738,"date":"2019-01-21T06:45:02","date_gmt":"2019-01-21T06:45:02","guid":{"rendered":"https:\/\/uniquehot.com\/?p=368738"},"modified":"2024-06-11T12:57:12","modified_gmt":"2024-06-11T12:57:12","slug":"bitcoin-price-watch-btcs-trend-overwhelmingly-bearish-below-3600","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-watch-btcs-trend-overwhelmingly-bearish-below-3600\/","title":{"rendered":"Bitcoin Price Watch: BTC\u2019s Trend Overwhelmingly Bearish Below $3,600"},"content":{"rendered":"
Bitcoin price fell significantly below the $3,600 support against the US Dollar. BTC is currently trading in a downtrend and it could resume its decline if it fails to surpass $3,600.<\/em><\/p>\n This past week, there was a slow and steady rise<\/a> above the $3,600 level in bitcoin price against the US Dollar. The BTC\/USD pair even broke the $3,700 resistance level. However, it seems like buyers failed to gain strength above the $3,750 level. As a result, there was a strong downward move and the price declined below $3,700 and $3,600. The decline was such that the price settled below the $3,600 support and the 100 hourly simple moving average.<\/p>\n More importantly, there was a break below a crucial bullish trend line with support at $3,620 on the hourly chart of the BTC\/USD pair. Sellers pushed the price below the key $3,550 support, opening the doors for more losses. A low was formed at $3,470 and the price is currently correcting higher. It moved above the $3,520 level and the 23.6% Fib retracement level of the recent decline from the $3,729 high to $3,470 low. However, the previous support at $3,550 is now acting as a strong resistance<\/a>. If there is a break above $3,550, the price could face sellers near $3,600. It represents the 50% Fib retracement level of the recent decline from the $3,729 high to $3,470 low.<\/p>\n <\/p>\nBitcoin Price Analysis<\/h2>\n