Bitcoin price retreats below $3,500 as traders take profits

Bitcoin price is seen trading at $3,593.27 after correcting lower 1.53% on the day according to the cryptocurrencies live rates provided by FXStreet. The largest asset by market capitalization resumed the uptrend on Friday last week where it recorded gains to the extent of brushing shoulders with $3,700.

One of the leading research firms in the United States, Fundstrat recently released its crypto space outlook in 2019. The report notes that there is going to be an incremental improvement in the universe as digital assets increase in price. The lead analyst, Tom Lee shared on Twitter that:

“We see 9 incremental improvements in the landscape that ultimately support higher prices.”

Meanwhile, Bitcoin is trading below both the hourly 100-day Simple Moving Average (SMA). In spite of the drop BTC/USD is still strongly supported at 3,582.31. Slightly above the current market value, Bitcoin will face resistance at $3,600.

However, the technical levels are still positive at the time of writing; the Relative Strength Index (RSI) at 45.94 has sept above the oversold region ignoring the retracement. Moreover, the moving average gap is narrowing to show that Buyers are present and steadily taking their positions. If the above mentioned support gives in, Bitcoin will find support at the 50-day SMA currently at $3,524 while the primary support lies at $3,350.

BTC/USD 1-hour chart