{"id":373458,"date":"2019-03-05T06:38:33","date_gmt":"2019-03-05T06:38:33","guid":{"rendered":"https:\/\/wncen.com\/?p=373458"},"modified":"2024-06-11T12:57:28","modified_gmt":"2024-06-11T12:57:28","slug":"bitcoin-price-watch-btc-trend-overwhelmingly-bearish-below-3760","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-watch-btc-trend-overwhelmingly-bearish-below-3760\/","title":{"rendered":"Bitcoin Price Watch: BTC Trend Overwhelmingly Bearish Below $3,760"},"content":{"rendered":"
Bitcoin price is trading with a bearish bias below $3,800 against the US Dollar. BTC remains at a risk of more losses as long as it is trading below $3,760 and $3,800.<\/em><\/p>\n This week, there was a downside extension<\/a> below the $3,800 support in bitcoin price against the US Dollar. The BTC\/USD pair declined below the key $3,760 and $3,720 support levels to move into a bearish zone. There was even a close below the $3,760 level and the 100 hourly simple moving average. Finally, the price spiked below the $3,700 level and traded to a new monthly low at $3,671. Later, it started consolidating losses and traded in a range above the $3,700 level.<\/p>\n The price climbed above the 23.6% Fib retracement level of the recent drop from the $3,805 high to $3,671 low. However, there are many hurdles on the upside near the $3,760 and $3,775 levels. At the outset, there is a contracting triangle in place with resistance at $3,715 on the hourly chart of the BTC\/USD pair. If there is an upside break, the pair could correct towards the $3,740 level. It represents the 50% Fib retracement level of the recent drop from the $3,805 high to $3,671 low.<\/p>\n The main resistance is near the $3,760 level, which acted as a strong support earlier. Moreover, there is a crucial bearish trend line formed with resistance at $3,775 on the same chart. The 100 hourly SMA is also near the trend line and $3,775. Therefore, there are many hurdles for buyers<\/a> near the $3,760 and $3,775 levels. Above $3,775, the price could climb above $3,800 and $3,820 in the near term.<\/p>\n <\/p>\nBitcoin Price Analysis<\/h2>\n