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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.


 

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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.

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