February 25, OctaFX – Bitcoin is falling towards major weekly support at the start of the new trading week after buyers failed to rally the BTCUSD pair above the psychological $4,100 resistance level.
BTCUSD price analysis: Bitcoin might come under selling pressure
If sellers break the $3,700 support level, the BTCUSD pair is likely to come under further selling pressure towards the $3,550 level. If bulls can defend the $3,700 technical level, a strong rebound back towards the $4,000 level appears the most likely scenario.
- The BTCUSD pair is only bullish while trading above the $3,700 level, key technical resistance is found at the $4,000 and $4,100 levels.
- If the BTCUSD pair trades below the $3,700 level, key support is found at the $3,550 and $3,330 levels.
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