BTC/USD: Bitcoin is sitting on support line as a rally by bulls is around the corner

BTC/USD is currently sitting at the support line of around $3,500 with bears pulling the overall market down over the last 24 hours.
In order to change this trend, the bulls need to fight back and break past resistance at around $4,040.

FXStreet Team FXStreet

Bitcoin lost about 3% of its value on Monday, January 14 on market speculation. Currently, BTC/USD is perched on top of the $3,500 support line. Buyers need to fight back to stop the market from going down any further. The short-term focus for the bulls will be to break past the resistance at $4,040. The technical indicators show that there is an upcoming bullish trend around the corner should the crossover of moving averages attracts sufficient support from buyers pushing the price higher.

BTC/USD daily chart

Sellers pulled the market down to the support line of around $3,500 on Monday, January 14. There are two visible resistance lines that the bulls need to break through. The downward trending line (green) and the resistance at around $4,040 (pink). In the short-term, the buyers definitely need to break through that resistance for the market to go up.

Looking at the 50-day simple moving average (SMA) and 20-day SMA curves. The curves intersected each other on Monday, January 7 and that should indicate an upcoming bullish trend. Also, the Relative Strength Index (RSI) is slowly creeping towards the oversold territory to once again indicate a future uptrend.

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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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