Bitcoin Price Recovery Remains Weak

December 31, OctaFX – Bitcoin remains under downside pressure on Monday, following another failed attempt to surpass the important $4,200 resistance level. The BTCUSD pair has found short-term support just above the $3,550 level, although the price is still creating bearish lower highs.

BTCUSD Price Techncal Analysis

A sustained move below the $3,550 level is likely to trigger heavy technical selling in the BTCUSD pair towards the $3,300 support level.

  • The BTCUSD pair is bearish while trading below the $4,200 level, key support is now found at the $3,550 and $3,300 levels.
  • If the BTCUSD pair trades above the $4,200 level, buyers may test towards the $4,400 and $5,000 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