Bitcoin Price Forecast: Will BTCUSD Fail to Break Above $3,520 Resistance?

December 12, 2018 AtoZ Markets  Bitcoin price has suffered a massive loss as it declined by more than 80% since its all-time peak. The hash-rate of the coin also collapsed by an approximate 20% when the price crashed to $3,200 a week ago. The market cap of Bitcoin at the time of press was $60.61 billion, with 24-hour trading volume of $4.6 billion.

Since the last week, the price of the coin has moved by -11.14% with a total volume of over $ 2.73 Billion. The highest price, $ 3,921.86, was on 05 December 2018 at 14:00 GMT while the lowest price, $ 3,248.00, was on 07 December 2018 at 19:00 GMT.

Bitcoin Technical Analysis

As per the technical charts, there were bearish moves below $3,500 in Bitcoin price against the USD. The BTCUSD pair recently settled below the $3,400 level and the 100 hourly SMA. A new intraday low was formed at $3,295 and later the price of the coin corrected a few points higher. On the upside, an initial resistance is near the 23.6% Fibonacci retracement level of the recent slide from the $3,635 highs to $3,295 lows.

Moreover, the first major resistance is near $3,420 level and the 100 hourly SMA. More importantly, this week’s followed key bearish trend line is in place with resistance at $3,440 on the hourly chart of the BTCUSD pair. Above the trend line, there is a solid resistance near $3,525 level. It coincides with the previous highs and the 50% Fibonacci retracement level of the recent slide. Therefore, a successful break above $3,500 level is needed for a recovery to the next resistance. On the other hand, if buyers continues to fail near $3,500 or the trend line, there could be a downside reaction.

In conclusion, Bitcoin price is likely to extend losses below the $3,360 if there is no break above $3,500. Further below $3,290, the price might even slide towards $3,100 level.

Bitcoin Daily Pivot Points

Bitcoin price has a significant daily support near $3,363 level and resistance near $3,528 level.

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