Bitcoin price analysis: BTCUSD bearish below $3,700

March 5, OctaFX – Bitcoin price has fallen below the important $3,700 support level in early Tuesday trade, with the number one cryptocurrency at increasing risk of losing its short-term bullish bias.

Bitcoin price technical prediction

The broader cryptocurrency market is also under pressure, with a number of top digital currencies declining on light trading volumes. A sustained break below the $3,700 level should accelerate technical selling toward the $3,550 support level.

  • The BTCUSD pair is bearish while trading below the $3,700 level, key technical support is found at the $3,550 and $3,330 levels.

  • If the BTCUSD pair moves back the $3,700 level, buyers may test towards the $3,980 and $4,100 resistance levels.


This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Share Your Opinion, Write a Comment