TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

BTC/USD: Bitcoin market remains unchanged as bulls fail to take action

  • BTC/USD remains relatively unchanged at $3,522 after its price fell from $3,730 to $3,590 last Sunday, hitting the support area.
  • Bulls need to rally back to make sure that the price doesn’t go below the $ 3,525 support line.
BTC/USD: Bitcoin market remains unchanged as bulls fail to take action
FXStreet TeamFXStreet TeamFXStreet

BTC/USD has remained relatively stable at around $3,520 on Tuesday, with buyers and sellers on a relative stand-off since last Sunday when BTC/USD’s price fell from $3,730 to $3,590 based on market speculation. This reluctance of bulls to take action comes across as uncertainty towards the market. The buyers need to make sure that the market remains above the $3,525 support line to avoid any further drops.

BTC/USD daily chart


The market has stabilized after the dip last Sunday. Currently, the BTC/USD is dangerously close to the $3,525 support line. The following factors indicate that the overall market is still bearish: 

Both the 20-day and 50-day simple moving average curves are trending above the market.
BTC/USD has had a bearish breakout from the triangle formed by the upward trending line (brown) and the downward trending line (black).

The short-term objectives of the bulls right now is to stay above support and to break past resistance which lies at $3,800.


 

Author

FXStreet Team

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.

More from FXStreet Team
Share:

Editor's Picks

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Cryptocurrency prices are broadly correcting on Monday, led by Bitcoin’s five-day sell-off. Ethereum edges lower and trades around $2,325, as sellers build momentum to retain control over the trend. Meanwhile, Ripple shows signs of consolidating.

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network trades around $0.075 on Monday, holding steady after two consecutive days of roughly 2% losses, resulting in the lowest weekly close ever. Pi Network rolled out desktop version 0.6.4 on Thursday, focused on improving remote access and security for local AI apps.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.