Bitcoin update: BTC/USD brief surge cut short - bears now threaten $3,800 support

  • The bullish trend has been short-lived and we can see BTC/USD trimming the gains.
  • Bitcoin bulls take the bear with a brief surge only to fall into a bear trap.

Bitcoin was making strides toward the stubborn $3,900. However, the bullish trend has been short-lived and we can see BTC/USD trimming the gains towards the support at $3,800. The largest crypto market is trading at $3,832 at press time after sliding 0.52% on the day.

The price is now under both the 50 SMA and the 100 SMA 15-minutes chart. Both of these indicators failed to support Bitcoin but will now hinder bullish growth.

Other indicators like the RSI has been rejected from the oversold and is now finding a balance around 40. The MACD on the same chart is almost crossing into the negative region to show that the bears are gaining more control as the bulls lose ground.

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