{"id":369653,"date":"2019-01-29T22:00:31","date_gmt":"2019-01-29T22:00:31","guid":{"rendered":"https:\/\/wncen.com\/?p=369653"},"modified":"2024-06-11T07:43:52","modified_gmt":"2024-06-11T07:43:52","slug":"bitcoin-trades-flat-following-yesterdays-drop-where-is-btc-heading-next","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-trades-flat-following-yesterdays-drop-where-is-btc-heading-next\/","title":{"rendered":"Bitcoin Trades Flat Following Yesterday\u2019s Drop, Where is BTC Heading Next?"},"content":{"rendered":"

After an extended period of sideways trading, Bitcoin (BTC) experienced a large downwards swing yesterday that caused the cryptocurrency to break below it previously established support level in the low-$3,500 region.<\/p>\n

Although this drop seemed significant, BTC has found support in the $3,400 region, and it is still holding steady well above its 2018 lows that are likely to act as a strong level of support if they are visited in the near-future.<\/p>\n

Bitcoin Holds Above Support Around $3,000<\/strong><\/h2>\n

Last week, Bitcoin was caught in an incredibly tight trading range between $3,550 and $3,650. Although this range was confirmed on multiple occasions by Bitcoin\u2019s price action, analysts previously noted<\/a>\u00a0that in the long-term BTC is caught in a significantly wider trading range between $3,000 and $5,000, which is still a valid theory following Bitcoin\u2019s recent volatility.<\/p>\n

Mati Greenspan, the senior market analyst at eToro, recently discussed the macro trading range BTC is currently caught in, saying<\/a>:<\/p>\n

\u201cThere\u2019s no need for overreaction here. Bitcoin is continuing to trade within the core area of support between $3,000 and $3,500, within the broader range of $3,000 \u2013 $5,000\u2026\u201d<\/p><\/blockquote>\n

At the time of writing, Bitcoin is trading up marginally at its current price of $3,460. After dropping yesterday, BTC found support at $3,400, from which it has climbed slightly.<\/p>\n

During the drop yesterday, analysts had speculated<\/a>\u00a0that a further drop into the low-$3,000 range was imminent, as this is where the cryptocurrency would see significant buying pressure. Despite this bearish sentiment, Bitcoin appears to have found support at $3,400, which may lead to a new trading range between $3,400 and $3,500.<\/p>\n

Analysts Generally Bearish on BTC<\/strong><\/h2>\n

Analysts seem to be generally bearish on Bitcoin in its current state, as it continues facing increasing downwards pressure and has, so far, failed to post any significant bounce since dropping towards its current price levels.<\/p>\n

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Analysts are generally bearish on Bitcoin after its recent drop.<\/figcaption><\/figure>\n

In a recent tweet from popular cryptocurrency analyst Hsaka, he noted that Bitcoin is currently bearish until it is able to decisively climb above $3,500, where it currently has some resistance.<\/p>\n

\u201c$BTC\u2026 A move to ~3500 (red level) would be a potential bearish S\/R flip. Holding a HTF bearish bias until that level is reclaimed,\u201d Hsaka explained.<\/p><\/blockquote>\n

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$BTC<\/a><\/p>\n

A move to ~3500 (red level) would be a potential bearish S\/R flip. <\/p>\n

Holding a HTF bearish bias until that level is reclaimed. pic.twitter.com\/fQlJSEZAKx<\/a><\/p>\n

— Hsaka (@HsakaTrades) January 29, 2019<\/a><\/p><\/blockquote>\n