BTCUSD has started the new trading month with a slightly bullish bias, as the key $3,700 support level continues to be defended on moves lower. The following Bitcoin price analysis reveals what is next.
March 1, OctaFX – The broader cryptocurrency market moved lower this week, after starting the trading week under heavy technical selling pressure. Bitcoin reversed sharply from the $4,000 level in early week trade, before eventually finding support from the $3,700 support level.
Ethereum also came under heavy selling pressure, with the second largest cryptocurrency briefly dipping below the $130.00 level. Overall, cryptocurrencies made strong gains during the month of February, with Litecoin advancing towards the $50.00 level and gaining over forty percent on a monthly basis.
Bitcoin price analysis
Indicators on the daily time frame are trending higher, although the recent upward momentum is weakening. BTCUSD buyers must now break above the cryptocurrencies former monthly highly in order to keep the short-term bullish momentum intact.
The BTCUSD pair remains bullish while trading above the $3,700 level, key technical resistance is now found at the $4,000 and $4,300 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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