The Bitcoin price is in the recovery stage. It again returned above $ 3500. However, at $ 3850, the BTC / USD faced a serious obstacle, that resulted in growth stop.
Pivotal Moments for the Bitcoin price
The price of bitcoin began to recover from a low of $ 2965 and already exceeded the $ 3500 mark. At the time of publication, Bitcoin price stayed at $ 3779.
When looking at four-hour chart of BTC / USD (SimpleFX data), there is a bearish tendency with a resistance of about $ 3850.
In the short term, BTC / USD needs to break the wall of $ 3,850- $ 4,000 to get the impulse.
For the last 24 hours, the Bitcoin price changed by 2.26%.
Level of Bitcoin price resistance
Last week, the first cryptocurrency was able to recover above $ 4,000. The price was above $ 4,106, after which it collided with sellers and fell again. However, the downward movement was stopped around $ 3,500, and now the price is returning.
Now purchasers face a critical trial at about $ 3,800- $ 3,850. As already mentioned, the four-hour chart of BTC / USD has a bearish trend with a resistance of about $ 3850. The resistance of the trend line is also about 100 simple moving average of $ 3900. Thus, a breakthrough of $ 3850-3900 will be difficult. We already see that the price is losing momentum below $ 3850.
Analysis of the price of Bitcoin
If the price does not step atop $ 3850, another flood of the recession may emerge. In this case, there are imperative support levels around $ 3,600 and $ 3,500. The Bitcoin price can even re-test the $ 3,200 level in the short term. On the other hand, closing above $ 4000 will be a bullish sign.
The 4-hour MACD — MACD is still in the bearish zone.
The 4-hour RSI — RSI is at the 50th level current time.
The main level of support — $ 3500.
The main level of resistance — $ 4000.