Following the market\u2019s recent volatility, Bitcoin has firmly established $3,800 as a level of support and has been able to continue holding steady above this price point. Analysts are now pointing out that BTC is currently holding above key moving average support levels, which could be a positive sign for the cryptocurrency\u2019s price.<\/p>\n
Despite this, one popular cryptocurrency analyst is now claiming that Bitcoin will likely target its firm support level in the low-$3,000 region in the near-future, unless the crypto is able to garner a significant amount of buying pressure.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down marginally at its current price of $3,855. This past weekend was particularly volatile for BTC, as it surged to highs of $4,200 on Saturday before plummeting to lows of $3,800 on Sunday.<\/p>\n Since this past Sunday, Bitcoin has been able to climb slightly from its lows of $3,800 and has established this price as a level of relative support. Importantly, however, Bitcoin was swiftly rejected after touching $4,200, which signals that this is a strong level of resistance for BTC.<\/p>\n It is currently unclear as to whether or not Bitcoin will begin forming a fresh trading range between $3,800 and $4,200.<\/p>\n Although the recent volatility appears to be negative, Chonis Trading, a popular cryptocurrency analyst on Twitter recently noted that BTC has been holding above the support line of an ascending parallel channel, which will be an important level to hold above if further gains are to be incurred in the near-future.<\/p>\n \u201c$BTC – watching this parallel channel hold the price right on the support line once again on the 4hr #bitcoin chart…\u201d<\/p><\/blockquote>\n $BTC<\/a> – watching this parallel channel hold the price right on the support line once again on the 4hr #bitcoin<\/a> chart… pic.twitter.com\/Ry2KSLxFkE<\/a><\/p>\n — BIG Chonis (@BigChonis) February 26, 2019<\/a><\/p><\/blockquote>\n\n