Bitcoin Price Analysis: BTC/USD a $3000 retest is not yet out of the picture
|- Bitcoin nursing losses in the latter part of Monday down some 1%, after a slow session.
- BTC/USD bears are testing a vital running ascending trend line to the downside.
The Bitcoin price is trading down some 1.20% in the latter part of Monday’s session. It has been a slow and soft start for the number one cryptocurrency by market cap so far, which is very much seen across the market.
A vital daily ascending trend line of support can be observed, it has been in play since 8th February. Should the bears force a breakout to the downside, a fast move back down to the low area of 2019 may be seen in no time.
If the above-described occurs, then the $3000 mark to the downside may be tested. The next major area of demand is eyed down at the low area of 2019, produced in January. It can be seen tracking around $3345. If however the price can bounce again on the ascending trend line, eyes will be on a another retest to try and breakdown $4000 territory.
BTC/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.