The latest Bitcoin price analysis from coindesk.com, here’s the best tl;dr summary we could make:

Bitcoin suffered its lowest UTC close in over seven weeks on Wednesday, reinforcing the bearish view put forward by the rejection at the 50-candle moving average on the 6-hour chart yesterday.

A strong move above the 50-candle moving average on the 6-hour chart, currently at $3,434 will likely weaken bearish pressures and yield a corrective bounce to the resistance near $3,650.

With bitcoin closing yesterday at the lowest level in 7.5 weeks, the gradual sell-off is showing no signs of abating.

Further, BTC created a bearish lower high at the crucial resistance of the 50-candle moving average on the 6-hour chart.

BTC could soon challenge recent lows near $3,300 and may extend the decline toward the low of $3,100 seen in December.

As seen above, yesterday’s high and low engulfed Tuesday’s price action as indicated by a bearish outside candle.

Omkar Godbole’s original article for coindesk.com reduced by 56%
Related story: Bitcoin Price Analysis: Investors Grow Weary As The Battle To Hold At $3,421 Continues

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