• 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 Cryptocurrency news Bitcoin

Bitcoin Struggles to Break Above $4,000, Analysts Claim BTC Likely to Drop Before Climbing Higher

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin
Reading Time: 2min read
deVere CEO: ETF, Lightning, and Halving Drive Recent Bitcoin Rally
Advertisement
Nexo Logo
Listen to Article

Following several consecutive days of price gains, Bitcoin’s recent price rally has stalled as BTC failed to decisively move above $4,000. It’s no surprise that $4,000 is a strong level of resistance for the cryptocurrency, as it has previously acted as a strong psychological level for BTC.

Now, analysts expect Bitcoin to drop slightly before finding increased buying pressure, which could then help propel it to above $4,000.

Analyst: Despite Bitcoin Price Surge, BTC Still in a Heavy Bear Market

At the time of writing, Bitcoin is trading down marginally at its current price of $3,975, around where it has been trading at for the past couple of days. It is important to note that BTC has pushed up against $4,000 multiple times but has not been able to move above this price level.

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

Mati Greenspan, the senior market analyst at eToro, recently discussed BTC’s current price action, noting that although the upwards move from the low-$3,000 region has certainly been positive, the cryptocurrency is still firmly in a strong bear market.

“For those who are in from the bottom it’s great because some of the coins like Litecoin have doubled, but we are still in a strong bear market…The big level isn’t until $5,000, which coincides with the 200-day moving average. If we get a strong break of that, that’s when things start to change,” Greenspan said while speaking to MarketWatch.

If Bitcoin is able to continue climbing higher and breaks above $4,000, it is likely that this price will turn into a support level.

Analysts Expect BTC to Drop Further Before Breaking Above $4,100 

Because Bitcoin’s recent rally has stalled, analysts now believe that it needs to drop lower before garnering enough buying pressure to push it above $4,000.

Analysts expect Bitcoin to drop slightly before continuing to surge.

Flood, an extremely popular cryptocurrency trader on Twitter, told his over 60k followers that he thinks BTC will drop to $3,800 before continuing to surge, but further adding that a drop below $3,700 would likely lead the crypto back towards its support levels in the low-$3,000 region.

“I’d imagine we see a sweep of 3800 in order for larger players who missed the move to fill up on some longs and reduce some short hedges. This should be followed by a sharp bounce… $BTC seems fairly bullish here, but if 3700 breaks I wouldn’t stay in any longs,” he said.

I'd imagine we see a sweep of 3800 in order for larger players who missed the move to fill up on some longs and reduce some short hedges. This should be followed by a sharp bounce. $BTC seems fairly bullish here, but if 3700 breaks I wouldn't stay in any longs… pic.twitter.com/eub2NVgzM8

— Flood [BitMEX] (@ThinkingUSD) February 20, 2019

Josh Rager, another popular cryptocurrency analyst on Twitter, recently said that he thinks Bitcoin needs to break above $4,100 in order to move firmly into the mid-$4,000 region, but also noted that it could easily see new lows in the coming weeks.

“$BTC – Daily close… Notice the long wick, a nice sign of a slight retrace likely… Would like $BTC push up slightly higher to at least $4100 to mid $4ks would be a nice a target… For traders – this is good volatility… For Holders – you could see new lows in the coming weeks.”

$BTC – Daily close

Notice the long wick, a nice sign of a slight retrace likely

Would like $BTC push up slightly higher to at least $4100 to mid $4ks would be a nice a target

For traders – this is good volatility

For Holders – you could see new lows in the coming weeks pic.twitter.com/AYmZzV8v4h

— Josh Rager ? (@Josh_Rager) February 20, 2019

Investors and traders will be closely watching how BTC responds to its current position in the upper-$3,000 region, as it will likely signal whether or not the cryptocurrency is ready to move higher and recover much of its recent losses.

Featured image from Shutterstock.
Tags: bitcoinbtccrypto
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
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 dark web monero

Why The Dark Net’s Most Active Market Ditched Bitcoin For Monero

1 day ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Logs Revenge Recovery as Lagarde Calls for Global Regulation

3 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Flickers Near $35,000 as Bond Yields Drop; A Detailed Outlook

3 days ago
bitcoin bar new york

Landmark Real Estate Listing Offers Two New York Bars For 25 Bitcoin

3 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Paints Predictive Death Cross as Price Tops Out Near-Term

4 days 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

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

RAI Finance Pre-sale Finishes in 1 Minute

January 13, 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.