In the last couple of days, Bitcoin has taken a position above the $3,600 mark. Despite doing so in a dramatic surge last week, there has been lack of enough pressure to push prices beyond this range.
After initially encountering resistance at the $3,670 position, the coin has not retested the position or even traded close to it since. Fortunately, the crypto leader has persistently remained above $3,600 which sets it up well for the next bullish charge. But, the lack of buying pressure in the last couple of days could be a sign of the bearish trend coming back.
Although its lack of volatility in the last couple of days has been admirable, it is concerning for many who believe it’s weakening its chances of a bullish charge.
Above $3,700 Or Below $3,500?
Continuing to trade within its current range will continue weakening the coins support level and this could see Bitcoin drop below $3,500 in the coming days. According to some analysts, Bitcoin’s inability to continue rallying is a sign that the leader was not oversold at the $3,400 position as it was perceived last week when the coin rallied.
If so, Bitcoin could soon slip back below $3,500. This could hurt the market immensely right when it is beginning to get back on its feet. A drop below the $3,500 psychological position will see many investors jump ship, triggering a sell-off.
Citing Hyperwave, Financial Survivalism– prominent cryptoanalysts, has stated that he expects Bitcoin to hit $1,165 before soaring and hitting over $10,000. The analyst, like many others, is calling for a bottom within the $1,100 to $2,500 price range. He also agrees that when a bottom if found, prices will rally and hit over $10,000.
Over the coming days, should the market receive a boost in the form of positive news that increases investor confidence, Bitcoin is likely to climb above $3,700. Extended gains should see the coin hit $4,000 a more respectable and attractive position in the eyes of investors. This can only be found through a major adoption of the technology by a major institution or supportive legislation.
Bitcoin [BTC] Price Analysis
At the time of press, Bitcoin is recording marginal gains of under 1%, which is the case with most major coins in the market. The rest of the weekend could see the coin record more substantial gains as the market remains hugely optimistic over the future of Bitcoin and the slightest positive trigger could see prices soar high.