{"id":369806,"date":"2019-01-30T21:00:36","date_gmt":"2019-01-30T21:00:36","guid":{"rendered":"https:\/\/uniquehot.com\/?p=369806"},"modified":"2024-06-11T07:43:55","modified_gmt":"2024-06-11T07:43:55","slug":"analyst-bitcoin-btc-likely-to-climb-back-above-3500-after-finding-support-at-3400","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/analyst-bitcoin-btc-likely-to-climb-back-above-3500-after-finding-support-at-3400\/","title":{"rendered":"Analyst: Bitcoin (BTC) Likely to Climb Back Above $3,500 After Finding Support at $3,400"},"content":{"rendered":"

Earlier this week, Bitcoin (BTC) failed to uphold its previously established support level around $3,550, which led to a sharp drop to $3,400. Although at the time of this drop many analysts expected BTC\u2019s main region of support to exist around its 2018 lows at approximately $3,200, the cryptocurrency was able to find support at $3,400.<\/p>\n

Because Bitcoin has established $3,400 as a level of support for an extended period of time, it may soon be able to climb back above $3,500, which could lead to further upside.<\/p>\n

Bitcoin Nears $3,500, May See Further Gains If It Breaks Above this Price Level<\/strong><\/h2>\n

At the time of writing, Bitcoin (BTC<\/a>) is trading up 1% at its current price of $3,485. This past Tuesday, BTC plunged from $3,480 to $3,400, which marked a continuation of its downwards momentum that first started on Sunday when Bitcoin fell to $3,450 from $3,600.<\/p>\n

As previously discussed<\/a>, analysts have concurred that Bitcoin was caught in a trading range between $3,550 and $4,200 prior to its recent drop. If it is able to reclaim this trading range, it would signal that its bulls were not ready to let it revisit its 2018 lows, which could lead to a change in its momentum and help move it towards the upper end of this range.<\/p>\n

\u201cIt seems now, that bitcoin has opened a new mini-range within that from $3,550 to approximately $4,200,\u201d Mati Greenspan, the senior market analyst at eToro, said in an email from earlier this month.<\/p><\/blockquote>\n

Because the cryptocurrency found support<\/a> at $3,400 and has climbed up gradually ever since, analysts now believe it may be able to break above $3,500, which could open the door for another upwards move towards the top of its previously established trading range.<\/p>\n

Hsaka, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin potentially breaking above its current level of resistance that exists around $3,500, concisely saying:<\/p>\n

\u201c$BTC\u2026 Think we see 3500+ soon.\u201d<\/p><\/blockquote>\n

\n

$BTC<\/a><\/p>\n

Think we see 3500+ soon. pic.twitter.com\/5wZQJ7UpLO<\/a><\/p>\n

— Hsaka (@HsakaTrades) January 30, 2019<\/a><\/p><\/blockquote>\n