BTC Update
The current price of Bitcoin is $3922, with 24 hour volume hovering around 5.1 billion USD. Bitcoin has lost more than 7% but has inched slightly higher to a drop a 6.5% in the past 24 hours as price begins to head back towards range lows at $3500-3600.
The bounce from $3500 hasn’t seemed to inspired much confidence as Volume has been unconvincing and price was rejected promptly from resistance at $4400.
Now $BTC is resting on crucial support in the upper $3700’s, if we do not see a higher low formed here in accordance with range lows, backed by significant volume, then we will assume that $3k will be the next major level reached.
The best bets would be in scaling bids from $3200 through $2800 as we believe there is a high likelihood of support being found in this price range. We are not sure if this price region will establish itself as the low for this bear market, but we do have confidence in a potential swing play.
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