Bloody Tuesday: Bitcoin motionless above $3,700 fragile support

The cryptocurrency market is painted red everywhere with the exception of Bitcoin SV (BSV) which has been ballistic 17% up in the last 24-hours. Bitcoin price is leading from behind with a 0.74% loss on the day. Ethereum is trending 1.28% lower and Ripple’s XRP is down 1.19% on the day.

Bitcoin continued with the upward trend of last week into the weekend sessions. The much-awaited break above $4,000 on Saturday. Moreover, BTC/USD zoomed past $4,100 and formed highs approximately at $4,189. However, the upward momentum did not last long as a bear wave swept across the market on Sunday sending Bitcoin below $4,000. The short-term support at $3,800 caved in opening the door for declines that tested $3,700.

Since yesterday the bulls are battling to push Bitcoin back to the levels above $4,000 but without success. There was a break above the 23.6% Fib retracement level with the last upswing at $4,189 and a low of $3,71263 in the 1-hour range where Bitcoin reached highs of $3,858.98 before trimming the gains below $3,800. At press time, one Bitcoin is valued at $3,796.69.

Bullish momentum is building above $3,750. The 23.6% Fib level is the initial resistance and coincides with the 50-day Simple Moving Average (SMA). The trip to $4,000 will be an uphill task as there are several hurdles at $3,900, $3,950 and $4,000. On the flipside, the support at $3,700 is still in danger as technical levels remain suspect.