February 13, 2019 AtoZ Markets - Bitcoin price has been steadily sliding for more than a year, losing some 80% in value over the last 14 months, and investors are keenly looking out for any clues the market has hit its bottom. At the time of press, Bitcoin price is trading at $3,600 mark with a market cap of $63.7 Billion, according to coinmarketcap stats.
Since last week, the price of the coin has moved by $ 216.55 (6.39%) with a total volume of over $ 1.07 Billion. The highest price of Bitcoin, $ 3,735.10, was on 08 February 2019 at 18:00 GMT while the lowest price, $ 3,362.24, was on 06 February 2019 at 17:00 GMT.
Bitcoin Technical Analysis
As per technical charts, an intermediate high at $3,658 in Bitcoin price against the USD was seen. Later, the price of the coin corrected lower and traded below the $3,600 and $3,580 support levels. However, the $3,540 and $3,550 support levels acted as a strong barrier for sellers.
Most importantly, a low was formed at $3,539 mark and later the price bounced back above $3,580 level. The price of the coin broke the $3,600 resistance level and the 100 hourly SMA. Besides, there was a break above the 50% Fibonacci retracement level of the last drop from the $3,658 highs to $3,539 lows.
However, the BTCUSD pair faced a strong resistance near the $3,610 and $3,620 zone. The pair seems to be struggling near the 61.8% Fibonacci retracement level of the last drop from the $3,658 highs to $3,539 lows. Hence, a successful break above $3,610 level and positive momentum above $3,620 level could set the pace for more gains.
Now, the main resistance is at $3,650 level (which also acted as a weekly support), above which the price of Bitcoin might revisit $3,750 level. On the other hand, a downside break below $3,580 level could encourage sellers to push the price further below that point.
In conclusion, Bitcoin price seems to be setting up for the next key break either above $3,620 level or below $3,580 level. The price action is bullish, but buyers need to gain strength above $3,620 for a proper follow through.
Bitcoin Daily Pivot Points
Bitcoin price has significant daily support near $3,650 level and resistance near $3,730 level.
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