Bitcoin (BTC) price stays sidelined below $3,400

The market is trading in a range after the bullish trend failed to hold water yesterday. Bitcoin briefly zoomed and stayed above $3,400 before it corrected lower trimming most of the gains. Most digital assets in the market are trending lower and the market is painted red. The value of Bitcoin is more or less controlled by supply and demand. The market is starved of the news probably due to the Christmas season that is here with us.

Bitcoin is currently valued at $3,360 following a 2% loss on the day. Marginally above this value, Bitcoin is facing resistance at the 50 simple moving average (1-hour range). The next resistance at $3,400 will be an uphill task to break considering the asset was rejected at the same level yesterday. Another hurdle exists at $3,500 (seller concentration zone). Further up, the additional movement will encounter a hurdle at $3,600 (last week’s resistance).

The relative strength index (RSI) is heading to the bottom towards the oversold as the bears battle to push the price lower. The DMI has retreated from the lows reached during Asian trading hours today. The declining trend is likely to continue throughout the session on Thursday and even test the support at $3,300.

BTC/USD 1-hour