• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Bitcoin Price Watch: BTC Bears Eyeing Test of $3,000

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis bitcoin
Advertisement
Nexo Logo
Listen to Article
  • Bitcoin price extended its decline and traded below the $3,440 support level against the US Dollar.
  • There is a major bearish trend line formed with resistance at $3,460 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently under a lot of pressure and it may slide further towards $3,200 or $3,000.

Bitcoin price accelerated losses below the $3,500 support against the US Dollar. BTC bears are in full control and it seems like they are eyeing a test of the $3,000 level.

Bitcoin Price Analysis

This week started with a bearish bias below the $3,500 support in bitcoin price against the US Dollar. The BTC/USD pair traded lower and broke the $3,480 and $3,440 support levels. Sellers got control and pushed the price below the $3,400 support. A new yearly low was formed at $3,374 and the price is now trading well below the 100 hourly simple moving average. Recently, there was a short term correction above the $3,400 level. The price corrected above the 23.6% Fib retracement level of the recent decline from the $3,559 high to $3,372 low.

However, the previous supports near $3,440 and $3,450 acted as a strong barrier. The price even struggled to test the 50% Fib retracement level of the recent decline from the $3,559 high to $3,372 low. It is currently trading with a bearish angle below $3,500 and $3,440. An immediate support is at $3,375, below which the price is likely to decline towards the $3,300 and $3,220 supports. The main target for sellers in the medium term could be $3,000. On the upside, there are many hurdles near the $3,500 and $3,440 levels. There is also a major bearish trend line formed with resistance at $3,460 on the hourly chart of the BTC/USD pair.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is trading in a downtrend below $3,440. There are high possibilities of more losses towards $3,300, $3,220 and $3,150 in the near term.

Technical indicators

Hourly MACD – The MACD for BTC/USD is about to move back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is placed well below the 30 level.

Major Support Level – $3,220

Major Resistance Level – $3,460

Tags: bitcoinbtc
TweetShare
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Chainlink (LINK)

Charted: Chainlink (LINK) Holding Uptrend Support, Why It Could Rally Again

4 hours ago
Ethereum

TA: Ethereum Corrects Lower, Why Dips In ETH Remain Attractive

6 hours ago
Bitcoin

TA: Bitcoin Signaling Further Correction, Why BTC Could Revisit $33K

7 hours ago
Bitcoin

Latest CME Report Reveals Growing Appetite for Bitcoin Amongst Institutions

15 hours ago
ethereum open interest all time high record

Ethereum Open Interest Reaches All-Time High Alongside Record Breaking Rally

15 hours ago
Ripple (XRP)

Charted: Ripple (XRP) Surges 15%, Why The Bulls Are Back In Control

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

The Foundation for Economic Education Announces Two Major Gifts from Bitcoin.com Founder Roger Ver

January 19, 2021

AC Milan to Join Sports Crypto Movement With Launch of $ACM Fan Token

January 19, 2021

Institutional-grade Crypto Exchange AAX Reports Record Fiat-Crypto Purchases in 2021

January 19, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.