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 FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next ETH/USD Price Analysis: $10 Ethereum will still be considered expensive in the future FX Street 2 years 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… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
