Bitcoin price analysis: BTC/USD latest dip renders $4,000 psychological level a mirage
|- Wuabit to launch a crypto wallet with Bitcoin support on WhatsApp, Telegram, and Viber.
- The prevailing trend is strongly bearish and the short-term support at $3,900 is still in danger.
BTC/USD is trending lower a subtle 0.08% on the day. The market is generally in the red following the brief declines that swept across the market yesterday. Bitcoin led the market with losses below the broken support at $3,950. Further declines failed to find support at $3,900 and BTC/USD explored the levels towards $3,850. A low was formed around $3,859.17 where the buyers found bearing before staging a recovery above $3,900.
In other Bitcoin news, a report by UToday, a news website says that soon a wallet is going to launch on WhatsApp, Telegram, and Viber. The wallet will have support for Bitcoin (BTC) initially. However, after the trial period, other cryptocurrencies will be added as well. The wallet is being built by Wuabit and will have the integration of the above leading social media platforms. Some of the advantages the wallet will bring to users is simplicity and instant transactions.
Meanwhile, Bitcoin is trading at $3,902.51. The prevailing trend is strongly bearish and the short-term support at $3,900 is still in danger. The MACD 2-hour signal is strongly bearish while the RSI is unable to correct above the oversold region. It is important that the bulls push BTC/USD above $3,950 for a correction above $4,000. However, the sideways trading spells doom and declines that could test $3,700 hence killing the hopes of seeing Bitcoin trade above $4,000 before March comes to end.
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