Bitcoin price reclaims $3,900 support: Eyes on $4,000


Share:
  • 70% of millennials would invest in the cryptocurrency assets if they were offered by traditional financial institutions.
  • The buyers have their eyes fixed on $4,000, as long as they can sustain growth above $3,900.

Bitcoin bulls appear to be making a comeback following the retracement from the weekly highs on Thursday. The gains in the last three days failed to break past the psychological $4,000 level as the trend culminated in declines below $3,900. At present, BTC/USD is trending 0.95% lower with the current value at $3,901.41.

A report from eToro latest survey shows that at least 70% of millennials would invest in the cryptocurrency assets if they were offered by traditional financial institutions. 40% of the millennials “online traders’ were said to have “less faith” in how the stock market is performing in comparison to the digital asset market.

As discussed earlier, Bitcoin path of least resistance is still to the south. The Relative Strength Index (RSI) has retreated below the overbought region for the first time since Monday. The bearish trend is confirmed by the slow stochastic oscillator which has changed direction downwards. Meanwhile, the buyers have their eyes fixed on $4,000. Besides, support above $3,900 will allow them to gather strength to face the resistance towards the psychological level.

BTC/USD 4-hour chart

 


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Axie Infinity price recovery delayed despite investor deposits hitting a five-month high

Axie Infinity price recovery delayed despite investor deposits hitting a five-month high

Axie Infinity price, following the broader market cues, is trending downwards for the moment as the bearishness in the market has grown considerably. Incited with the regulatory crackdown by the Securities and Exchange Commission (SEC), the investors have resorted to offloading their holdings for now.

More Axie Infinity News

Coinbase to keep cornerstone staking service after CEO Armstrong fires shots at the SEC

Coinbase to keep cornerstone staking service after CEO Armstrong fires shots at the SEC

Coinbase Exchange has committed to maintaining its cornerstone cryptocurrency staking services after CEO Brian Armstrong countered the US Securities and Exchange Commission (SEC), demanding regulatory clarity. 

More Cryptocurrencies News

Cardano price signals accumulation as ADA crashes by nearly 10% in 24 hours

Cardano price signals accumulation as ADA crashes by nearly 10% in 24 hours

Cardano price took a critical hit on June 7 as the entire crypto market continues to suffer the impact of the regulatory crackdown against Binance and Coinbase. Amidst this chaos, the investors that bore the loss found an opportunity for recovery, but it does not sit in the hands of retail investors.

More Cardano News

BNB price falls 10% as US court summons Binance CEO, Changpeng Zhao

BNB price falls 10% as US court summons Binance CEO, Changpeng Zhao

Binance Coin  is down a staggering 20% since June 4 to the current price of $260.93, representing a 10% downswing since the beginning of the Asian session on June 7. The leg down comes in light of recent developments in the case between Binance versus the US Securities and Exchange Commission (SEC).

More Binance Coin News

Bitcoin: BTC targets $30,000 as short-term bias turns bullish

Bitcoin: BTC targets $30,000 as short-term bias turns bullish

Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend. 

Read full analysis

BTC

ETH

XRP