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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin Price Watch: BTC Remains Buy On Dips Near $3,700

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price formed a support base near $3,625 and later moved higher against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $3,710 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is placed nicely above the $3,700 level and it may continue to move higher in the near term.

Bitcoin price is gaining bullish momentum against the US Dollar. BTC may dip a few points, but it remains supported near $3,700 and $3,625.

Bitcoin Price Analysis

Recently, there was a downside reaction from the $4,032 high in bitcoin price against the US Dollar. The BTC/USD pair traded below the $3,900 and $3,820 support levels. Later, the price declined below the $3,700 level before buyers appeared near the $3,625 support. A base was formed and the price started a fresh upward move. It broke the $3,700 resistance and the 100 hourly simple moving average.

The price cleared the 23.6% Fib retracement level of the last decline from the $4,032 high to $3,625 low. Moreover, there was a break above a major bearish trend line with resistance at $3,710 on the hourly chart of the BTC/USD pair. The price spiked above the 50% Fib retracement level of the last decline from the $4,032 high to $3,625 low. However, there was no proper close above the $3,820-3,850 resistance area. At the outset, the price is correcting lower and it may dip a few points towards the $3,720 or $3,700 levels.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price remains well supported on the downside above $3,700 and $3,625. On the upside, buyers need to clear the $3,850 and $3,890 resistance levels to push the price towards $4,000.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is showing positive signs in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is placed well above the 50 level with a minor bearish angle.

Major Support Level – $3,700

Major Resistance Level – $3,850

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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