Tanya Abrosimova
Independent Analyst
- Bitcoin is under pressure after a failed recovery attempt.
- The coin needs to climb above the longer-term resistance located at $6,000.
Bitcoin is flirting with $3,700 at press time as the market resumed the downside movement after a short recovery attempt. The longer the coin stays under $4,000, the stronger the bearish case is. In the short run, we are in for range-bound trading, at least until the beginning of the European and North America trading hours. The panic selling may kick in once the price breaks below $3,500 once again with the next aim at weekly SMA at $3,139.
Bitcoin's technical picture
Looking technically, Bitcoin is well supported by the above mentioned weekly SMA200. This area is likely to attract new buy-the-dip lovers and trigger the recovery. However, the overall setup remains negative as long as the price stays below $4,000.
The price has not yet realized its downside potential after it broke free from a long-term triangle pattern. The projected downside target may be as low as $2,000, which means that we are vulnerable to new losses unless some positive news reverses the trend.
On the upside, the critical resistance is created by SMA 100 weekly and the lower line of the broken triangle at $6,000. A sustainable recovery above this area will improve the long0tern technical picture and mitigate the bearish pressure, setting up a stage for an extended recovery.
BTC/USD, the weekly chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Dogecoin lead double-digit gains across meme coins, with Shiba Inu, PEPE and BONK skyrocketing to new monthly highs
Top meme coins Dogecoin (DOGE), Shiba Inu (SHIB), PEPE and BONK lead the meme coin sector with double-digit gains on Wednesday following the crypto market recovery.
Cantor is set to launch a $3 billion venture backed by Softbank and Tether
Brandon Lutnick is spearheading a $3 billion Bitcoin investment through Cantor Fitzgerald, partnering with SoftBank, Tether, and Bitfinex to form 21 Capital. The firm aims to emulate MicroStrategy’s strategy of holding Bitcoin as a treasury asset for long-term appreciation.
Top 3 gainers Fartcoin, Zerebro, DeepBook: Solana and Sui meme coins soar on bold risk-on wave
Meme coins led by Fartcoin, Zerebro and DeepBook (DEEP) are extending gains during the Asian session on Wednesday amid soaring investor risk appetite. Bitcoin (BTC) briefly crossed $93,000 the previous day alongside widespread rallies among altcoins.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bulls target $95,000 BTC, $1,900 ETH, and $3 XRP
Bitcoin (BTC) price hovers around $92,800 on Wednesday after rallying 9.75% over the past two days. Ethereum (ETH) and Ripple (XRP) followed BTC’s footsteps and continued their recovery rally. The technical outlook suggests an upward trend, targeting $95,000 BTC, $1,900 ETH, and $3 XRP.
Bitcoin Weekly Forecast: BTC holds steady, Fed warns of tariffs’ impact, as Gold hits new highs
Bitcoin price consolidates above $84,000 on Friday, a short-term support that has gained significance this week. The world's largest cryptocurrency by market capitalization continued to weather storms caused by US President Donald Trump's incessant trade war with China after pausing reciprocal tariffs for 90 days on April 9 for other countries.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.