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Bitcoin has exceeded its recently established trading range of between US $ 4,000 and US $ 4,100, formed a few weeks ago. Although the BTC has been somewhat stable in recent times, this lack of major volatility should not deceive traders, as crypto-currency generally causes a sharp fluctuation of prices after long periods of side transactions.
Now, Bitcoin is starting to come up against a key resistance line that cryptocurrency has failed to cross several times over the past year.
Bitcoin (BTC) falls below $ 4,000 while main resistance level is maintained
At the time of writing, Bitcoin is trading down 1.5% at its current price of $ 3,960 and has recently fallen below the previously established key support level of approximately $ 4,000.
Over the past week, Bitcoin has been very tight between $ 4,000 and $ 4,050 before falling today. Although today's decline is relatively small, the recent lack of volatility is likely to be short-lived, as BTC has historically experienced some of its biggest price swings after long periods of side trading.
Tim Kelly, founder and CEO of the BitOoda cryptocurrency platform, recently told MarketWatch how he envisioned the future of the markets. He also stated that he thought BTC would "probe" the previously established level of resistance at $ 4,200.
"At the same time, BTC wants to probe the recent highs and see how the resistance is staying at the $ 4,200 level … Unless large volumes of purchase are put on the market, there will be more than by sounding. We think it will take a lot of buying to raise these levels, "he said.
A key resistance level was set at US $ 4,200 at the end of February, when BTC increased from US $ 3,600 to US $ 4,200 before falling rapidly to US $ 3,800.
Bitcoin rejected at the level of persistent resistance
Although Bitcoin is somewhat stable at its current price, BTC is now approaching a key resistance level that has lasted for a year and has never been exceeded successfully since crypto dropped from its peak close to $ 20,000 at the end of December 2017.
GPas, a cryptocurrency analyst on Twitter, highlighted this level of resistance in a recent tweet, jokingly asserting that "this time it will be different".
"This time it's different" $ btc pic.twitter.com/urjy9nexBU
– GPas (@GarryPas) March 25, 2019
Assuming that this level of resistance is maintained for the foreseeable future, it could reduce Bitcoin's price to its lowest level of $ 3,200 in 2018, which the bulls have to defend with ardor, otherwise other significant losses could occur. happen.
As the week continues and trading volume rises, traders and analysts could find out if BTC is able to outpace the aforementioned level of resistance, which could set the tone for the next direction of all markets. cryptography.
Selected image of Shutterstock.
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