- Bitcoin price upside capped strongly at $3,475.
- Bitcoin technical levels are still positive: Key support areas are intact.
Bitcoin slumber has entered the second week following the devastating selloff toward the end of January. There have been attempts to break above the critical resistance at $3,475. However, lack of support and a catalyst has led to the largest crypto by market capitalization making lower corrections.
The bulls have managed to sustain Bitcoin above the main support at $7,375. Besides in the last three days, Bitcoin has found support above $3,400. The movement to the upside is, however, limited at $3.425; a level coinciding with the 100-day Simple Moving Average (SMA). If Bitcoin buyers can increase their entries in the market, then there is a big chance that a break above the resistance level will ignite more gains towards the next resistance at $3,450 as well as $3,475.
At press time, the prevailing trend is bullish, although the bulls lack the energy to push for considerable correction. The technical levels remain positive to show that the path of least resistance is upwards sideways, for now. A broader look at the chart shows that Bitcoin is strongly supported at $3,340 (previous week low) in the event the trend reverses.
BTC/USD 1-hour chart 
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