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  • Bitcoin is sluggish after recovering above $3,700.
  • Data shows that mining income summed up to $195 million in February 2019 from highs of $210 million in January.
  • We can expect Bitcoin to sit above $3,700 if fails to break above $3,800 in the short-term.

In spite of the market being in the green today, Bitcoin is sluggish after recovering above $3,700. The slightly bullish trend comes after Bitcoin opened the week’s trading making declines. Following the rejection at $3,800, Bitcoin slipped below $3,700 only to find support at $3,671.63.

Elsewhere on the market, a new report suggests that Bitcoin mining revenues have started making an upward correction after declining to the lowest levels in a period of 18 months. According to a research newsletter Diar, miners saw their revenues sink to extreme lows in February since August 2017. The data shows that mining income summed up to $195 million in February 2019 from highs of $210 million in January; representing only a fraction of the all-time high of $951 million in December 2017.

Meanwhile, Bitcoin is trading at $3,719.77 after correcting higher a subtle 0.54% on the day. The current trend is bullish although the bulls lack the energy to sustain growth towards $3,800. Besides, the 50-day Simple Moving Average (SMA) 4-hour chart will limit gains at $3,788.05. If Bitcoin steps above $3,800 and clears the 100-day SMA resistance, the trend to $3,900 will remained largely undeterred. The Relative Strength Index (RSI) on the same chart is recovering from the levels at 27.02 as bulls battle to pull the price higher. We can expect Bitcoin to sit above $3,700 if fails to break above $3,800 in the short-term.

BTC/USD 4-hour chart