Bitcoin BTC/USD testing critical levels again

  • Bitcoin price down a chunky 5% on Wednesday, yearly lows being tested again.
  • A breach of the $3800-500 range would likely see a high amount of selling pressure, causing a drop to test $3000 to the downside.

 

Bitcoin price is firmly on the back foot, danger is very much at larger with the current downside momentum, testing yearly lows. The $3800 down to $3500 price range is key, a failure to hold will see the price free-falling.

BTC/USD is down around 5% on Wednesday, having bounced at the areas of stabilization seen between 25th to 27th November. Buyers are defending this with much might, as the next major area not see until $3000.

Looking to the upside, this is very much capped by a descending trend line, that has been in play since 29th November. The resistance is tracking at $3950, a breach here could allow a wave of buying pressure to come into play.

 

BTC/USD 60-minute chart

 

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