Bitcoin Primed To Reverse Recent Losses & Retest $4,200
Latika Mehrotra's original article for blockonomi.com reduced by 43%
Bitcoin price declined heavily, but the $3,760 level acted as a strong support. BTC price bounced back after a sharp drop below the $3,800 support level. This week, bitcoin price traded in a range above the $3,860 support level before sellers took control.
Buyers pushed the price back above the $3,860 support and the 50% Fib retracement level of the last decline from the $3,934 high to $3,760 low. The price is currently trading above the $3,900 support and testing the $3,920 resistance. Should bitcoin buyers gain pace above the trend line and $3,935, there could be further upsides in the near term.
Overall, bitcoin price is trading with a bullish angle above the $3,860 support level.
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Summarised crypto news.