- Bitcoin trading volumes hit an 18-day high close to $7 billion.
- Bitcoin is still within a key range support between $3,000 and $3,500.
- The path of least resistance is to the south; technical levs are still strongly bearish.
Bitcoin is playing the defense game after sliding below $3,400. The largest asset is currently dancing with $3,377 after defending the current support at the lows traded in January 29, 2019 at $3,341.85. The selloff on Monday saw trading volumes hit an 18-day high close to $7 billion as the data found on CoinMarketCap. It is believed that the high trading volumes pave the way for Bitcoin to dive towards the lows of December 2018 around $3,146.
However, Bitcoin is still sitting within a zone of support between $3,000 and $3,500 according to eToros’s Senior Analyst, Matt Greenspan. Moreover, the cryptocurrency is dancing between a larger support range between $3,000 and $5,000.
On the contrary, other expert analysts from one of the leading investment banks, JP Morgan recently said that Bitcoin is likely to continue trending lower. They said that if the bear trend does not reverse, BTC could touch $2,400. And if a support is not found at this level, we could see Bitcoin hit the lows of $1,260.
At the moment, Bitcoin is trading at $3,378 in the afternoon (GMT) session. BTC/USD is still in the red after correcting lower from the opening price of $3,430. Bitcoin has traded a high of $3,438.16 and the low of $3,341.58. The price is still in a bear range while exchanging at $3,375.18 at press time. Bitcoin is inclined to correct lower and could refresh the intraday lows owing to the trend shown by the technical indicators like the Relative Strength Index (RSI), which is stuck in the oversold. While the MACD has been able to recover from the bottom at -34.0771, it is ranging at -19.82, showing that the bear pressure still lingers.
BTC/USD 1-hour chart
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