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Bitcoin Price Weekly Analysis: BTC Sellers In Control Below $3,600

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Key Points

  • Bitcoin price extended losses below the $4,000 and $3,600 supports against the US Dollar.
  • There is a significant bearish trend line formed with resistance at $3,630 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently consolidating losses above $3,200, with resistances near $3,500 and $3,600.

Bitcoin price is in a major downtrend below $4,000 against the US Dollar. BTC/USD may continue to struggle to recover above the $3,600-3,700 resistance zone.

Bitcoin Price Analysis

This past week, bitcoin price declined below the $4,000 support level against the US Dollar. The BTC/USD pair gained bearish momentum and traded below the $3,700 and $3,600 support levels. The decline was such that the price traded close to the $3,200 level. The price formed a new yearly low at $3,215 and it is currently well below the 100 simple moving average (4-hours).

Recently, there was a tiny upside correction above $3,400. BTC also moved above the 23.6% Fib retracement level of the recent decline from the $4,051 high to $3,215 low. However, the recovery faced a lot of selling interest near $3,550-3,600. Besides, there is a significant bearish trend line formed with resistance at $3,630 on the 4-hours chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $4,051 high to $3,215 low. Therefore, it won’t be easy for buyers to surpass the $3,550, $3,600 and $3,700 resistance levels. Above $3,700, the next key hurdle for buyers is at $4,000.

Looking at the chart, BTC price is likely to maintain a bearish tone below $3,600. Once the current correction is complete, the price may even break the $3,200 swing low. The next key support is at $3,000 followed by $2,800.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is slightly placed in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is just near the 40 level.

Major Support Level – $3,200

Major Resistance Level – $3,600

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