Bitcoin Price Weekly Analysis: BTC Rebound Approaching Crucial Resistance (newsbtc.com)
Bitcoin price formed a support base near $3,370 and recovered higher above $3,450 against the US Dollar.
Bitcoin price is slowly moving higher with positive signs against the US Dollar.
BTC/USD is now approaching a significant hurdle near the $3,500 resistance zone.
This past week, bitcoin price remained in a bearish zone below the $3,500 resistance against the US Dollar.
There was a positive price action developed above the $3,440 resistance level.
The price spiked above the $3,475 resistance level, but it remained well below the 100 simple moving average.
Looking at the chart, BTC price is clearly facing a solid resistance near the $3,500 level and the 100 SMA. As long as the price is trading below $3,500, there is a risk of a downside break in the near term.
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Related story: Bitcoin Approaches $3,500 As Top Cryptos See Mixed Signals (cointelegraph.com)
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