Bitcoin price analysis: BTC/USD heads for $4,000-Nasdaq confirms Bitcoin futures

The market has been in shambles in the last three weeks. The devastating declines in November saw Bitcoin lead the market in one of the major crypto carnages this year. BTC/USD broke below the $5,000 mark for the first time in 2018. Moreover, the bears continued their dominance in the market leading to further breakdown that slipped slightly below $3,500. There was a slight recovery, however, the momentum fizzled out short of $4,300 forming highs at $4,264.

Meanwhile, one of the largest forex exchange companies in the world, Nasdaq has recently confirmed that it will add support for Bitcoin futures. The exchange guru has been quite receptive with digital assets while at the same time being aware of the regulation status especially in the United states. Nasdaq is going to partner with an investment management firm referred to as VanEck to offer Bitcoin. The product will be available as soon as next year, besides, VanEck has been working on offering BTC ETF. Bitcoin as well as the entire market needs this kind of support in order to revamp the trend and start a recovery journey that is long overdue.

On the other hand, Bitcoin price started this week’s trading correcting lower after failing break above $4,400. The price tested $3,731.59 during the Asian trading hours before the current break out that has jumped above $3,900. BTC/USD is changing $3,966.21 while the bulls have eyes set on $4,000. Both the hourly 200 SMA and the 100 SMA would offer resistance at $4,000 and $4,027.76 in that order. The 61.8% Fib retracement level is the initial support but the primary support rests at $3,500.

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BTC/USD 1-hour chart