Cryptocurrency bloodbath as Bitcoin tumbles below $3,500
|- Bitcoin slides below $3,500 support; tests recent lows at $3,480.
- BTC/USD could correct higher as buying entries rise.
The beast in the cryptocurrency market appears to be back after a couple of days of calm. The market has all over a sudden turned bearish with the red color painted everywhere. Cryptocurrencies are in turmoil starting with the market leader, Bitcoin which has not only slipped below the key support at $3,500 but also testing the previous support at $3,480.
In the past two days, Bitcoin has consolidated the losses after it failed to break above $3,750. The stability has now been ousted as the bears come back to push it further below the recent lows at $3,480.
Bitcoin has tested $3,450 to the upside but buying activities appear to increase and could pull the price above $3,500 in the short-term. Technical indicators show that the trend is the favor of the bears.
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