• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Sensei Inu Logo

Bitcoin Price Surges Following Recent Drop, But BTC Faces Strong Resistance Around 3,900

Cole Petersen by Cole Petersen
5 years ago
in Bitcoin
Reading Time: 2 mins read

Following the recent influx of selling pressure that sent Bitcoin’s price spiraling below its previously established support level at $3,800, the cryptocurrency’s bulls were able to garner an influx of buying pressure that sent BTC back above $3,800 and towards $3,900.

It now appears that Bitcoin is facing relative levels of resistance at $3,900, and analysts believe that this is a key price level for BTC to break decisively above in order for the crypto to maintain its bullish momentum.

Bitcoin Price Surges Nearly 4%, But Faces Strong Resistance at $3,900 

At the time of writing, Bitcoin is trading up nearly 4% at its current price of $3,900. This past Sunday, BTC dropped below its previously established support level at $3,800 and fell to lows of $3,700 before trading sideways for a couple of days before surging this morning.

Although the bull’s ability to keep BTC’s price in the upper-$3,000 region is positive for the cryptocurrency, it has struggled to break decisively above $4,000, and may be unable to break above this level in the near-term if it is unable to surge above $3,900.

UB, a popular cryptocurrency analyst on Twitter, spoke about the importance of the $3,900 level in a recent tweet, explaining that BTC needs to push above $3,900-3,940 in order for a decisive break above $4,000 to be in the cards.

“$BTC – So far so good. Bitcoin is currently testing the first area of resistance (3830) after popping up a bit. The real test will be at 3900-3940. The reaction at those levels will be very important for either bullish or bearish arguments for the next few days.”

$BTC – So far so good.

Bitcoin is currently testing the first area of resistance (3830) after popping up a bit.

The real test will be at 3900-3940. The reaction at those levels will be very important for either bullish or bearish arguments for the next few days. #Bitcoin pic.twitter.com/sobKy85JBd

— UB (@CryptoUB) March 5, 2019

If Bitcoin continues to struggle to break above $4,000, it may be plausible that the crypto falls back to its 2018 lows of $3,200 before finding more buying pressure.

Analyst: Bitcoin Finding Strong Support at Top of Previous Pennant Resistance 

Bitcoin’s latest move up may be due to it establishing the top of its previous pennant resistance as a strong level of support.

Crypto Rand, a popular cryptocurrency analyst on Twitter, recently noted that long positions in Bitcoin currently look far more attractive than short positions, as BTC has continued to respect the top of the old pennant resistance as support and has found strong horizontal support around $3,800.

“Not trading it for now but way more interested on long setups. Horrible spot to short #Bitcoin. The old pennant resistance still playing as support. Confluence of the downtrend channel with the horizontal support and 0.786 FIB.”

Not trading it for now but way more interested on long setups. Horrible spot to short #Bitcoin.

The old pennant resistance still playing as support. Confluence of the downtrend channel with the horizontal support and 0,786 FIB.

More info and analysis: https://t.co/WV7FKTZRa0 pic.twitter.com/7b3rh1xDY5

— Crypto Rand (@crypto_rand) March 5, 2019

Traders and analysts alike will be closely watching to see if Bitcoin is able to decisively move above the low-$3,900 region, as if it does it may retest $4,200, which is a recently established level of strong resistance.

Featured image from Shutterstock.
Tags: bitcoinbtccrypto
Tweet123Share212ShareSend
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Bitcoin

Bitcoin Enjoys Growing Favorable Conditions, Top Analyst Says

23 hours ago
Bitcoin crypto analyst

Crypto Analyst Predicts More Trouble Ahead For Bitcoin Price, Here’s Why

1 day ago
Bitcoin bear

Bearish Signal? Bitcoin Whale Wakes Up From 6-Year Slumber And Transfers $56 Million

2 days ago
Bitcoin price

Is The Bitcoin Price Rally Sustainable? On-Chain Data Provides Crucial Insights

3 days ago
Why is Bitcoin price up

Why Is Bitcoin Price Up Today? BTC Climbs Above $27,000

4 days ago
bitcoin

Glassnode Co-Founders Weigh In On Bitcoin (BTC) Path To $30,000

6 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Uwerx’s Recovery Blueprint Ignites Momentum With The...

    2 hours ago
  • Pocket Option Trading Company Is Second In TU’s Best...

    18 hours ago
  • Bitcoin Spark Drives Home Solana Killer Narrative Raising...

    21 hours ago
  • Shiba Inu, Bone ShibaSwap or Kangamoon: Which Meme Coin Can...

    22 hours ago
  • Top Three Must-Have Tokens for Investors In 2023 –...

    22 hours ago

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.

Cryptocurrency news

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

Technical Analysis

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

Company

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

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 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.