Bitcoin [BTC] Price Set to Retest Resistance Despite Other Top Cryptocurrencies Falling

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Bitcoin Daily Chart – Source:

Bitcoin has been proving once again that it holds its value best in questionable market times.

Bitcoin price has been making movements back up to test $3684 despite other, major cryptocurrencies trading further away from significant levels.

Bitcoin has been gradually moving towards testing $3684 over the past three days.

This has been a point of major support prior to price dropping below during last weeks trading.

The increase back towards this level has come at a time when other major cryptocurrencies such as XRP have been falling away from key levels as reported here.

Bitcoin versus Ethereum versus XRP Performance Chart – Source:

When Bitcoin, Ethereum, and XRP are compared over the past two weeks, Bitcoin far outperforms in relation to the other two major cryptocurrencies.

Bitcoin lost 4% of its value over the period while XRP and Ethereum lost 8% and 17% respectively.

Bitcoin 4-Hour Chart – Source:

The bitcoin 4-hour chart shows the recent price action in closer detail.

After a test early in the week, the price dropped off and has been gradually rising towards testing again.

Price is currently trading between $3612 and $3684. $3612 came into play as support during last weeks bearish drops and may provide some support with price action now trading above.

In the event of a drop below $3612, the main support level to monitor is last weeks low at $3476.

$3476 came into play as a point of buyer liquidity during last weeks brief break below $3612.

Key Takeaways:

  • Bitcoin once again holds its value better than other major cryptocurrencies during bearish and sideways market conditions.
  • Price has been gradually increasing towards retesting the $3684 resistance level after a test early in the week which failed.
  • Price action currently trading above $3612 which came into play as support during last weeks bearish drop.

Latest Bitcoin News:

  • Bitcoin [BTC]: Price Fails to Overcome Resistance

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