Bitcoin price motionless above $3,400 amid market crypto winter trends
|- The downtrend in the cryptocurrency market is likely to take longer.
- In the short-term Bitcoin is still positive and is likely to trend higher.
Bitcoin appears not to have found a bottom since the year-long declines in 2018. Moreover, it is feared that the bottom could sink further down. Bitcoin is currently trading at $3,410 after defending the vital support at $3,400 on Monday. The weekend trading saw Bitcoin brush shoulders with $3,475 but started to cancel the gains.
According to Mike Novogratz, a popular Bitcoin bull, the downtrend in the cryptocurrency market is likely to take longer. Novogratz who is the CEO of Galaxy Digital still maintains that it will be institutional buyers who will help remedy the status of the market.
In the meantime, Bitcoin upside is immediately capped by the resistance at $3,425. An area that has a high concentration of the sellers and coincides with both 50-day and the 100-day hourly Simple Moving Average (SMA).
However, in the short-term Bitcoin is still positive and is likely to trend higher. The Relative Strength Index (RSI), on the other hand, is heading moving upwards. In addition, it has stayed above the oversold levels since February started. If the price manages to step above $3,425, there is a higher chance that Bitcoin will trend towards the weekend high at $3,475.
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