Bitcoin price rejected at $3,900; will the 50 SMA hold?

“That emission schedule of coins coming on every ten minutes makes bitcoin the central bank of the world…” Max Keiser.
The current trend is downward but Bitcoin has several support levels.

Bitcoin price corrected higher after it broke out of the short-term bullish flag pattern we discussed yesterday. The moved saw Bitcoin take refuge at the $3,780 support before spring upwards past the short-term resistance at $3,800, $3,840 as well as $3,860. While using an ascending trendline as a bouncing wall the asset stepped above $3,900 and formed high of $3,915 before the current correction took place.

Many countries around the world are hoping to find a working way of de-globalization of the financial world. At the moment, this arena is mainly controlled by the US Dollar in connection with the Belgium-based Swift organization. Swift is susceptible to politicization, moreover, it can be weaponized. However, all hope is not lost as Bitcoin is a position to become the next best beneficiary of the future world de-globalization. The market has experienced the worst crashes in history. The consolidation and the development and building that take place during those periods has become key to new and robust business models.

“That emission schedule of coins coming on every ten minutes makes bitcoin the central bank of the world with the most rock-solid monetary policy there is,” said Keiser.

Meanwhile, Bitcoin was rejected and purged from trading above $3,900. The price also broke the trendline support highlighted at $3,876. The further lower movement found support at $3,860 assisted by the 50 Simple Moving Average on the 1-hour timeframe chart. BTC/USD is exchanging hands at $3,876.02 following a 0.47% rise on the day. The current trend is downward but Bitcoin has several support levels as mentioned in the first paragraph. However, it is essential to mention that in the event there is an extended downstream move, $3,760 and $3,660 will come in handy as considerable anchors.

BTC/USD 15’ chart

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.