{"id":368704,"date":"2019-01-20T20:00:50","date_gmt":"2019-01-20T20:00:50","guid":{"rendered":"https:\/\/ktsl888.com\/?p=368704"},"modified":"2024-06-11T07:43:27","modified_gmt":"2024-06-11T07:43:27","slug":"bitcoin-btc-sinks-below-3600-nears-bottom-of-recently-established-trading-range","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-btc-sinks-below-3600-nears-bottom-of-recently-established-trading-range\/","title":{"rendered":"Bitcoin: BTC Sinks Below $3,600, Nears Bottom of Recently Established Trading Range"},"content":{"rendered":"
Bitcoin (BTC) has failed to maintain its recently established position in the $3,700 region, which has led it to drop over 4% today. Bitcoin\u2019s latest downwards leg has led the entire crypto markets to drop, and most altcoins are currently trading down around 4%.<\/p>\n
Bitcoin<\/a> is now nearing the bottom of its previously established trading range between $3,550 and $4,200, which, if the former price is to be broken, could lead to another, much larger, drop.<\/p>\n Yesterday, Bitcoin<\/a> surged to highs of over $3,750, which appeared to many analysts to be an important price level that would lead to a further surge into the low-$4,000 range. Despite this, BTC’s bulls were not able to muster up enough buying pressure to push it higher, and the bears have taken control of today\u2019s price action.<\/p>\n At the time of writing, Bitcoin is trading down 4.2% at its current price of $3,590, down from its 24-hour highs of $3,750.<\/p>\n Mayne, a popular cryptocurrency analyst on Twitter, discussed<\/a>\u00a0the cryptocurrency\u2019s latest drop, noting that Bitcoin\u2019s latest jump didn\u2019t have a significant amount of buying pressure, which is why today\u2019s full retrace was not entirely unexpected.<\/p>\n \u201c$BTC\u2026 Discussed this one in the stream yesterday, to me Friday nights move looked just like that move to 4k Jan 6th. Thin and a liquidity grab that was fully retraced. BTC now back at the last HTF support before the lows,\u201d Mayne explained.<\/p><\/blockquote>\n Cheds Trading, another popular cryptocurrency analyst, also said in a recent tweet<\/a>\u00a0that if Bitcoin\u2019s bulls fail to provide some buying pressure, things are going to get \u201cugly.\u201d<\/p>\n \u201c$BTC 12 hour – Bulls better show up quickly or this is going to get ugly,\u201d he said.<\/p><\/blockquote>\nBitcoin Plunges Over 4%<\/strong><\/h2>\n
BTC Nearing Bottom of Established Trading Range<\/strong><\/h2>\n