Bitcoin – Bears hit $ 3,500. The next target will be $ 3,200

The bitcoin slipped 3.00% on Sunday, after a fall of 0.36% on Saturday, to close the week down by 13.9% to $ 3.591, the lowest price at the end of the day from 16th December.

Relatively within the morning, Bitcoin reached a mid-day intraday high of $ 3,729 to re-enter the range of the first main resistance level at $ 3,735.13 before hitting the reverse.

Sales pressure from the broader market eventually weighed, with the bitcoin slipping towards a late afternoon low intraday $ 3,570.

The reversal saw Bitcoin surpass the first major support level at $ 3,667.73 and the second main support level at $ 3,633.47 to fall within the range of the third main support level at $ 3,566.07.

Finding support for $ 3,500 levels and the third main support level, Bitcoin managed to avoid heavier losses throughout the day, while some of the other cryptocurrencies slipped deeper into the red of the day.

Among the other top 10 members, Ethereum was among the worst results of the week, with a decline of 25.9%, with Bitcoin Cash ABC and EOS neighbors, the pair down 24.7% and 22.4% for the week.

Compared to the broader market, Tron was among the top performers, losing only 8.63% in the week, with Ripple & # 39; s XRP and Stellar & # 39; s Lumens which recorded relatively modest losses of 14% respectively. , 6% and 16.2%.

The downtrend of the week left the total market capitalization encrypted at $ 117.58 billion, with the Bitcoin domain approaching 52.9%, a bearish signal for the crypt market.

A negative start of the week was a bad sign for Bitcoin and for the broader market, Monday's fall went to 6 days in red for Bitcoin in the week, a gain of 0.05% on Friday the highlight of the week for the bulls.

Enter the cryptocurrency trading today

At the time of publication, Bitcoin rose 0.48% to 3,608.4, a positive start to the day when Bitcoin rose from a low morning to $ 3,580 to a maximum of $ 3,615.0 before turning back.

As they moved during the early morning, the main levels of support and resistance of the day had not been tested, a break between $ 3,600 was a good anticipation.

For the day ahead, a shift to $ 3,630 will support a run at the first resistance level of $ 3,690 to bring $ 3,700 levels into play before any retreat. The high number of $ 3,729 on Sunday and investor caution will likely capture Bitcoin from a run to the second highest resistance level at $ 3,780.0.

The inability to switch to $ 3,630 could see the bears regain control at the start of the week. A decline in the morning of $ 3,580 will likely bring the first major support level to $ 3,531.0 in play, with support levels below $ 3,500 at stake in the event of a large-scale encrypted reversal later in the day. day.

For Bitcoin bulls, closing in positive territory at the start of the week will be the key. In the last few months, a red week start has tended to weigh the week.

Throughout the broader market, Bitcoin Cash ABC and IOTA closed the trend at the start of the day, the pair fell by 0.74% and 1.27% respectively, while Tron is back on the move , up 7.35% to drive the top 10 early in the day.

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