Bitcoin Price Analysis: BTC/USD bears gunning for $3500 retest, ahead of $3000

Bitcoin price under pressure late on Tuesday, nursing losses of 2.5%.
$3500 is the last major barrier ahead of $3000 coming under threat again.

Ken Chigbo Independent Analyst

The Bitcoin price was seen under pressure in the very latter stages of trading on Tuesday. BTC/USD was in negative territory by some 2.5%. Across the cryptocurrency market, it continues to remain non-committal in terms of trend, after the decent bull run mid-December.

BTC/USD is subject to another retest of the $3500 level, where the price managed to bounce between 13-14th January. It is the only major barrier ahead of $3000 being under threat, which could be very punishing this time, if bears move in for this support again.

The price is gunning for a full reversal of that unexpected and aggressive buying seen on 14th January. BTC/USD during that large spike had initially jumped a big 4.5% within a very short time frame.

BTC/USD daily chart view

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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