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Bitcoin (BTC) price has stabilized, but for how long?

FX Street
Updated:
  • Bitcoin price has formed a bottom area range from $3700-500, a breach would send price down towards $3000.
  • Genis Trading CEO Michael Moro believes Bitcoin will bottom at the $3000 mark.

Bitcoin price on Tuesday, was nursing minor losses of around 1.6%, towards the latter stages of the session. Price action over the past two days now, has slowed down, the range has been narrowing up somewhat.

There are still some that do not believe the bottom has been seen yet for the number 1 cryptocurrency by market cap. The CEO of Genis Trading, Michael Moro, said that Bitcoin won’t have bottomed until 3K flat level.

Technically, the near-term bottom that has formed around the $3700-500 range, is vital support. Should the BTC/USD bears manage to pierce this, well it would be very punishing to say the least. Eyes would naturally next be on the $3000 level.

 

BTC/USD daily chart

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