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BTC/USD Price Analysis: Bitcoin bears bracing for a return to 3000 level and below

  • After the 2017 bubble, the Bitcoin bulls failed to create a meaningful recovery.
  • BTC/USD is most likely to drop to 3000 before breaking above 10K.
  • The current rebound is probably a dead-cat-bounce.
BTC/USD Price Analysis: Bitcoin bears bracing for a return to 3000 level and below
Flavio TostiFlavio TostiIndependent Analyst
 

BTC/USD weekly chart

 
Bitcoin is consolidating the move down seen in the first months of 2020 as BTC/USD is trading below the 50 and 100 weekly SMAs but above the 200 one. However, this market remains weak and unless bulls can overcome the 10K hurdle BTC/USD is likely to remain under pressure for the remainder of the year. In fact, another bearish move below the 4000 mark could likely lead to the 3000 level and if the bulls lose this level, the cryptocurrency could spiral into selling off mode and revisit the early 2017 levels; that is to say BTC/USD would be worth 1000, conservatively speaking. 

Additional key levels

BTC/USD

Overview
Today last price6913.05
Today Daily Change-382.12
Today Daily Change %-5.24
Today daily open7295.17
 
Trends
Daily SMA206656.52
Daily SMA507377.71
Daily SMA1008151
Daily SMA2008101.25
 
Levels
Previous Daily High7375.98
Previous Daily Low7111.06
Previous Weekly High7254.75
Previous Weekly Low5854.85
Previous Monthly High9215.51
Previous Monthly Low3886.49
Daily Fibonacci 38.2%7212.26
Daily Fibonacci 61.8%7274.78
Daily Pivot Point S17145.49
Daily Pivot Point S26995.81
Daily Pivot Point S36880.57
Daily Pivot Point R17410.41
Daily Pivot Point R27525.66
Daily Pivot Point R37675.33

Author

Flavio Tosti

Flavio Tosti

Independent Analyst

 

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