Bitcoin Price Analysis: Investors Grow Weary As The Battle To Hold At $3,421 Continues
The past day has seen Bitcoin’s market cap tumble below $60 billion mark once again as investors continue to fear that Bitcoin may continue to make fresh troughs beneath the 2018 price low at around $3,228.
Bitcoin has seen further price declines over the past 7 trading days totaling 1.82% as the market now trades around the $3,451 handle, at the time of writing.
The cryptocurrency has now seen a 15% price fall over the past 30 trading days, with a further 47% price plummet over the past 90 trading days.
Since our last Bitcoin price analysis, we can see that the market has fallen lower and broken below the lower boundary of our previously highlighted trading range which had been established during early-February 2019 trading.
If the market continues further lower and breaks below the support at $3,421, then we can expect price action to continue to head further lower into the 2018 lows around $3,228.
If the sellers continue to drive price action lower and manage to penetrate below the support at the short-term downside 1.618 Fibonacci Extension level priced at $3,421, we can then expect further support beneath to immediately be located at the $3,400 handle.
The market continues to struggle as investors wonder if price action will continue to make fresh lows for 2019, or worse even if price action breaks below $3,228 and makes lows beneath the 2018 low.
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