Bitcoin (BTC) Price To Face Stronger Resistance If It Doesn’t Stop Stalling
Bitcoin (BTC) To Face Stronger Resistance If It Doesn’t Stop Stalling
After seeing green for the past 4 days, Bitcoin is currently in the red by just about 0.46 percent, as per the data provided by Coinmarketcap. The entire crypto market has, in fact, tuned red where top cryptocurrencies are down between the range of 2 to 3 percent.
If we take a look at the 1-day price chart of Bitcoin, it has been moving between the range of $3,864 and $3,976.
BTC price 1-day chart, Source: TradingView
The leading cryptocurrency is currently managing the daily trading volume of $8.24 billion which is constantly on a downward shift.
According to the crypto trader and investor, Josh Rager, if bitcoin doesn’t move out of the $3k and $4k range, it would face a stronger resistance to make its way to the $6k level.
“The longer Bitcoin ranges in the $3k to $4k area – the stronger resistance it becomes if BTC does manage to hit new lows. I see the purpose of this range not as accumulation but rather another obstacle in a multi-year bear market.”
It’s more than a month that we have been stuck right in the middle, the last time Bitcoin managed to hit $4k has been on January 10th. Another crypto trader, Chonis Trading said,
“BTC – keeping things in perspective, bitcoin still needs to break vertical resistance here at $4k then break first horizontal resistance $4114 and then after bounce resistance top at $4240… then we can talk about a real trend change otherwise lower highs are still in play…”
Meanwhile, Bitcoin Usage Is High
Unlike Bitcoin price, the usage of Bitcoin is mostly rising as it nears the highest Bitcoin transaction per second (TPS) at 3.8. Throughout the bear market, it has been on a rise after hitting 1.95 in April 2018.
As we have reported previously, Bitcoin usage is seeing tremendous growth in the emerging markets through LocalBitcoins, a peer-to-peer trading platform. After going down during the months of May to July, the end of 2018 started seeing a surge in volume. Some countries like Venezuela, Indonesia, and Peru among others even hit all-time highs in February.