{"id":369905,"date":"2019-01-31T22:00:12","date_gmt":"2019-01-31T22:00:12","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=369905"},"modified":"2024-06-11T07:43:58","modified_gmt":"2024-06-11T07:43:58","slug":"bitcoin-btc-holds-steady-above-3400-but-analysts-still-believe-further-losses-could-be-in-store","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin-btc-holds-steady-above-3400-but-analysts-still-believe-further-losses-could-be-in-store\/","title":{"rendered":"Bitcoin (BTC) Holds Steady Above $3,400, But Analysts Still Believe Further Losses Could Be in Store"},"content":{"rendered":"

Following Bitcoin\u2019s recent drop into the $3,400 region, it has been able to hold support above $3,400 for an extended period of time, which may ultimately prove to be positive for Bitcoin\u2019s price action. It is important to note that Bitcoin (BTC) has not yet been able to break above $3,500, which appears to be a relative level of resistance for the cryptocurrency.<\/p>\n

Although Bitcoin<\/a> has held steady in the mid-to-upper $3,400 range, one analyst still believes it will see further losses before finding major buying support and possibly reversing.<\/p>\n

Bitcoin Steady Above $3,400, Likely to Continue Consolidating in Near-Term<\/strong><\/h2>\n

At the time of writing, Bitcoin is trading down approximately 1% at its current price of $3,450. Yesterday, BTC<\/a> climbed towards $3,500, but failed to break above this price level, leading it to drop today.<\/p>\n

After breaking below $3,550 earlier this week, BTC plunged until it reached $3,400, at which point it bounced and climbed towards its current price levels. Because of this reaction to the low-$3,400 price region, it is likely this is the first major support level BTC has established before its 2018 lows exist around $3,200.<\/p>\n

Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin\u2019s recent price action, noting that BTC still remains in consolidation, and will not revisit its 2018 lows unless it fails to stay above $3,344.<\/p>\n

\u201c$BTC daily chart\u2026 This chart has been posted for weeks and nothing has changed\u2026 Previous support at $3,344 did not break and bounced at the exact support level\u2026 Unless this support breaks, Bitcoin will not retest the previous lows\u2026 At this time – $BTC remains in consolidation,\u201d he explained.<\/p><\/blockquote>\n

https:\/\/twitter.com\/Josh_Rager\/status\/63676160<\/p>\n

Some Analysts Are Still Bearish on BTC Despite It Holding Above Support Levels<\/strong>\u00a0<\/strong><\/h2>\n

Although BTC<\/a> has been able to hold steady above $3,400, some bearish analysts point to the lack of major buying support and equilibrium on a macro-view as a reason why the cryptocurrency may need to fall further before stabilizing and preparing for an upwards move.<\/p>\n

\"\"
Bitcoin could still see further losses despite its ability to hold support above $3,400.<\/figcaption><\/figure>\n

A popular cryptocurrency analyst, Moon Overlord, recently noted that because Bitcoin was unable to form any major regions of support during its parabolic upwards climb in late-2017, it may see significantly further losses before it finds major buying support.<\/p>\n

\u201cI don’t know what the plan for $BTC on the monthly is, where would you even set bids or start buying. It went up so quickly it didn’t build a single support on the way up,\u201d he said.<\/p><\/blockquote>\n

https:\/\/twitter.com\/MoonOverlord\/status\/72423680<\/p>\n

Late-yesterday, he doubled down on these recent comments, adding that the lack of major buying pressure at BTC\u2019s current price signals that it may still be bearish on large time frames.<\/p>\n

\u201cNot sure why more people aren\u2019t talking about $BTC on high time frames, feels pretty bearish to me Where is the buy support \/ equilibrium Doesn\u2019t seem like people are dying to buy in this range?\u201d<\/p><\/blockquote>\n

https:\/\/twitter.com\/MoonOverlord\/status\/08876032<\/p>\n

If BTC fails to hold above $3,400 in the near future, it will likely find greater buying support in the low-$3,000 region, which will be an important level for bulls to protect or significantly further losses could be in store.<\/p>\n

Featured images from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Following Bitcoin\u2019s recent drop into the $3,400 region, it has been able to hold support above $3,400 for an extended period of time, which may ultimately prove to be positive for Bitcoin\u2019s price action. It is important to note that Bitcoin (BTC) has not yet been able to break above $3,500, which appears to be a relative level of resistance for the cryptocurrency. Although Bitcoin has held steady in the mid-to-upper $3,400 range, one analyst still believes it will see further losses before finding major buying support and possibly reversing. Bitcoin Steady Above $3,400, Likely to Continue Consolidating in Near-Term At the time of writing, Bitcoin is trading down approximately 1% at its current price of $3,450. Yesterday, BTC climbed towards $3,500, but failed to break above this price level, leading it to drop today. After breaking below $3,550 earlier this week, BTC plunged until it reached $3,400, at which point it bounced and climbed towards its current price levels. Because of this reaction to the low-$3,400 price region, it is likely this is the first major support level BTC has established before its 2018 lows exist around $3,200. Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin\u2019s recent price action, noting that BTC still remains in consolidation, and will not revisit its 2018 lows unless it fails to stay above $3,344. \u201c$BTC daily chart\u2026 This chart has been posted for weeks and nothing has changed\u2026 Previous support at $3,344 did not break and bounced at the exact support level\u2026 Unless this support breaks, Bitcoin will not retest the previous lows\u2026 At this time – $BTC remains in consolidation,\u201d he explained. https:\/\/twitter.com\/Josh_Rager\/status\/63676160 Some Analysts Are Still Bearish on BTC Despite It Holding Above Support Levels\u00a0 Although BTC has been able to hold steady above $3,400, some bearish analysts point to the lack of major buying support and equilibrium on a macro-view as a reason why the cryptocurrency may need to fall further before stabilizing and preparing for an upwards move. A popular cryptocurrency analyst, Moon Overlord, recently noted that because Bitcoin was unable to form any major regions of support during its parabolic upwards climb in late-2017, it may see significantly further losses before it finds major buying support. \u201cI don’t know what the plan for $BTC on the monthly is, where would you even set bids or start buying. It went up so quickly it didn’t build a single support on the way up,\u201d he said. https:\/\/twitter.com\/MoonOverlord\/status\/72423680 Late-yesterday, he doubled down on these recent comments, adding that the lack of major buying pressure at BTC\u2019s current price signals that it may still be bearish on large time frames. \u201cNot sure why more people aren\u2019t talking about $BTC on high time frames, feels pretty bearish to me Where is the buy support \/ equilibrium Doesn\u2019t seem like people are dying to buy in this range?\u201d https:\/\/twitter.com\/MoonOverlord\/status\/08876032 If BTC fails to hold above $3,400 in the near future, it will likely find greater buying support in the low-$3,000 region, which will be an important level for bulls to protect or significantly further losses could be in store. Featured images from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":369908,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664],"class_list":["post-369905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin (BTC) Holds Steady Above $3,400, But Analysts Still Believe Further Losses Could Be in Store<\/title>\n<meta name=\"description\" content=\"Although Bitcoin (BTC) has held steady above $3,400, one analyst still believes it will see further losses before finding major buying support.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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