{"id":369574,"date":"2019-01-29T06:45:44","date_gmt":"2019-01-29T06:45:44","guid":{"rendered":"https:\/\/uniquehot.com\/?p=369574"},"modified":"2024-06-11T13:33:14","modified_gmt":"2024-06-11T13:33:14","slug":"bitcoin-price-watch-btc-bears-eyeing-test-of-3000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-watch-btc-bears-eyeing-test-of-3000\/","title":{"rendered":"Bitcoin Price Watch: BTC Bears Eyeing Test of $3,000"},"content":{"rendered":"
Bitcoin price accelerated losses below the $3,500 support against the US Dollar. BTC bears are in full control and it seems like they are eyeing a test of the $3,000 level.<\/em><\/p>\n This week started with a bearish bias<\/a> below the $3,500 support in bitcoin price against the US Dollar. The BTC\/USD pair traded lower and broke the $3,480 and $3,440 support levels. Sellers got control and pushed the price below the $3,400 support. A new yearly low was formed at $3,374 and the price is now trading well below the 100 hourly simple moving average. Recently, there was a short term correction above the $3,400 level. The price corrected above the 23.6% Fib retracement level of the recent decline from the $3,559 high to $3,372 low.<\/p>\n However, the previous supports near $3,440 and $3,450 acted as a strong barrier. The price even struggled to test the 50% Fib retracement level of the recent decline from the $3,559 high to $3,372 low. It is currently trading with a bearish angle below $3,500 and $3,440. An immediate support is at $3,375, below which the price is likely to decline towards the $3,300 and $3,220 supports. The main target for sellers<\/a> in the medium term could be $3,000. On the upside, there are many hurdles near the $3,500 and $3,440 levels. There is also a major bearish trend line formed with resistance at $3,460 on the hourly chart of the BTC\/USD pair.<\/p>\n <\/p>\nBitcoin Price Analysis<\/h2>\n