Bitcoin overview: Bitcoin struggles at $3,700

BTC/USD cannot develop the recovery as long as $3,700 remains unbroken.
A sustainable move below $3,600 will trigger sell-off.

Tanya Abrosimova Independent Analyst

Bitcoin is hovering around $3,700 handle. While a sustainable move higher is regarded as a pre-requisite to an extended recovery towards $4,000, the attempts to settle above the said level has been futile so far.

Bitcoin has gained over 2.7% in recent 24 hours amid the global recovery on the cryptocurrency market. However, the upside was not headed by the largest digital coin. This time it followed the lead of altcoins.

Looking technically, $3,700 is the only serious hurdle for BTC in the near-term. It is created by a confluence of technical indicators, including the upper boundary of 1-day Bollinger Band. But once this hurdle is cleared, there won’t be much in terms of resistance levels up until psychological $4,000 and January’s high at $4,110.

Meanwhile, the Relative Strength Index (RSI) on a daily chart points downwards, which means that the way to the North may be difficult.

On the downside, the initial support lies with $3,650 with DMA50 location approach. Bitcoin bears will find it difficult to remove this hurdle. However, if they are successful, $3,500 will come into focus with SMA200 4-hour on approach. If the sell-off is extended, BTC/USD will get to $3,450 (the upper boundary of the previous congestion zone) and $3,400.

BTC/USD, 1-day chart

Author

Tanya Abrosimova

Independent Analyst

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