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BTC/USD Price Analysis: Bitcoin bears bracing for a return to 3000 level and below

FX Street
Updated:
  • After the 2017 bubble, the Bitcoin bulls failed to create a meaningful recovery.
  • BTC/USD is most likely to drop to 3000 before breaking above 10K.
  • The current rebound is probably a dead-cat-bounce.
 

BTC/USD weekly chart

 
Bitcoin is consolidating the move down seen in the first months of 2020 as BTC/USD is trading below the 50 and 100 weekly SMAs but above the 200 one. However, this market remains weak and unless bulls can overcome the 10K hurdle BTC/USD is likely to remain under pressure for the remainder of the year. In fact, another bearish move below the 4000 mark could likely lead to the 3000 level and if the bulls lose this level, the cryptocurrency could spiral into selling off mode and revisit the early 2017 levels; that is to say BTC/USD would be worth 1000, conservatively speaking. 

Additional key levels

 

FX Street

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