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