- Bitcoin has lost 11% in recent seven days.
- The market is on the verge of recovery - expert opinion.
Bitcoin reversed the gains of the previous week as the sellers returned to the market after a short recovery. The first digital coin has lost 11% of its value in recent seven days, extending the November decline.
However, some market experts believe that this setup looks bullish and offers an excellent buying opportunity for those who are looking for an entry point.
“Bitcoin continues flirting with the [$4,000] level as it struggles to find its footing following the latest selloff. But given how far we fell, at this point, there is more upside than downside. That said, few things move as far and as fast as cryptocurrencies,” Jani Ziedens of the CrackedMarket blog explained.
Earlier, a co-founder of BTCChina and a board member of BTC Foundation Bobby Lee stressed that Bitcoin has a strong intrinsic value that will support it in the long run
BTC/USD is changing hands at $3,710 at the time of writing, down over 355% since this time on Wednesday. The coin is rangebound with bearish bias during early Asian hours; however, $3,700 serves as good local support for the time being. Once it is cleared, the downside may be extended towards the recent low a $3,669 and to the psychological $3,500.
On the upside, the local resistance is created by SMA50 (1-hour) at $3,845 and followed by $3,900-$3,920 congestion zone that includes SMA100, 1-hour. It needs to be broken before we can proceed to a critical $4,000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.