Bitcoin (BTC) has kicked off the weekend trading up slightly but has still been unable to decisively move above $4,000, which has proven to be a key psychological resistance level for the cryptocurrency.<\/p>\n
Although Bitcoin has been able to climb consistently for the past several days, analysts now expect the cryptocurrency to fail to break above $4,000, which will likely lead the cryptocurrency to incur further losses in the near-future.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up 0.4% at its current price of $3,950. Since earlier this week, BTC has been able to hold steady above $3,900, but it has failed to garner any significant buying pressure that could propel it above the key psychological price level of $4,000.<\/p>\n Late yesterday, BTC fell sharply to lows of $3,880 before quickly surging to its current price levels. This price action may signal that the crypto has established the upper-$3,800 as a level of relative support.<\/p>\n Although Bitcoin has been steadily climbing over the past several days, analysts still expect the cryptocurrency to incur greater selling pressure in the near future.<\/p>\n The Cryptomist, a popular cryptocurrency analyst on Twitter, recently explained that Bitcoin is currently caught in a rising wedge that it is likely to break below in the near-future.<\/p>\n \u201c$BTC This is what I am seeing right now\u2026 Rising wedge, and a bearish divergence on the 4hr\u2026 I do expect us to drop from this wedge\u2026 Remember to ladder in profits from your current alt positions.\u201d<\/p><\/blockquote>\n $BTC<\/a> <\/p>\n This is what I am seeing right now Remember too ladder in profits from your current alt positions pic.twitter.com\/IA3B1C6nGC<\/a><\/p>\n — The Cryptomist (@Thecryptomist) March 9, 2019<\/a><\/p><\/blockquote>\n\n
Rising wedge, and a bearish divergence on the 4hr
I do expect us to drop from this wedge<\/p>\n