After facing increased levels of selling pressure yesterday, Bitcoin as been able to maintain above $3,900, which is increasingly becoming a level of support for the cryptocurrency. Despite this, $4,000 still remains a key level of resistance for BTC, and the crypto\u2019s short positions are rapidly climbing as it continues to fail to break above this price level.<\/p>\n
Analysts continue to watch Bitcoin\u2019s key support levels<\/a> as the cryptocurrency fails to garner any significant amounts of buying pressure to propel it above $4,000, which may ultimately lead it to drop back towards its strong support levels in the low-$3,000 region.<\/p>\n At the time of writing Bitcoin is trading up marginally at its current price of $3,915 and is up slightly from its daily lows of $3,870. Importantly, BTC has found some levels of buying pressure in the upper-$3,800 region, but it has continued to struggle to move towards $4,000.<\/p>\n Because of this, the crypto\u2019s short positions have been climbing, and are looking to outnumber BTC\u2019s long positions for the first time since early January.<\/p>\n \u201c$BTC (LONGS V SHORTS) – longs continue to deleverage as shorts continue to rise and look to pass longs in open positions for the first time since early January,\u201d Chonis Trading, a popular cryptocurrency trader on Twitter explained in a recent tweet.<\/p><\/blockquote>\n $BTC<\/a> (LONGS V SHORTS) – longs continue to deleverage as shorts continue to rise and look to pass longs in open positions for the first time since early January… #bitcoin<\/a> pic.twitter.com\/1DxssSU6BK<\/a><\/p>\n — BIG Chonis (@BigChonis) March 12, 2019<\/a><\/p><\/blockquote>\nBitcoin Finds Continued Support Around $3,900<\/strong>\u00a0<\/strong><\/h2>\n
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