The Crypto Times
Image default
Bitcoin News

Analysts Cautious on BTC Price Action Despite Bitcoin Stabilizing Above $3,900

Bitcoin suffered high levels of volatility over the past weekend. Despite this unfolding trend, Bitcoin still manages to maintain its stability at relative levels. Currently, Bitcoin is stable above $3,900. With this, a number of analysts have expressed their worries with Bitcoin’s current price action. One unnamed analyst believes that it might inevitably plummet down below BTC’s 2018 lows of $3,200.

Despite the volatility that occurred last weekend, Bitcoin continued to trade at the range of $3940 but failed to go beyond the significant resistance of $4,000. According to a famous cryptocurrency analyst UB on Twitter, there is a level of relative opposition with the current price region of BTC. If this level is surpassed, it can raise the cryptocurrency price as high as $4,200 region.

Last month, Bitcoin’s price reached as high as $4,200. It was this high before it experienced a major selling pressure that resulted in its continuous decline to as low as $3,800. This price action is a confirmation that the $4,200 is a level of resistance to be conquered in the cryptocurrency.

Moreover, some analysts are also discussing the possibility of BTC plummeting significantly. A move beyond the $4,200 level would fill the CME Futures gap which can cause the cryptocurrency to fall before it gets sturdy support in the low $2,450 regions, as stated by another famous analyst Bleeding Crypto on Twitter. Although this view is a bit controversial, it gives investors and traders significant insights into how long will this crypto market stay.

Related posts

ISDA to Get Assistance From Digital Asset in Standardizing Derivatives Data

Viena Abdon

South Korea’s DAPA Plans to Build A Blockchain Pilot Project

Viena Abdon

Major US Supermarket Chain Drops Visa, Considers Lightning Network

Viena Abdon

Miners in Europe Gear Up for Bitcoin Halving, but Energy Costs Still a Barrier

Sierra Sanders

Courts in France to Revolutionize Corporate Registry With IBM Blockchain Platform

Viena Abdon

Blockchain Firm Blockstream Introduces Security Token Solution

Viena Abdon