Bitcoin [BTC] has seen one of the largest market drops in its recent history, currently having lost a third of its value over the past week. In this timeframe, the cryptocurrency market has also been stuck in the grip of the bear’s claws, causing a truly red week for HODLers.
A support uptrend is visible from $4245 – $4415 – $4515, with a downtrend from $5420 – $5200 – $4310, reflected in the price movement from $5495 – $4580. A sole support level is present at $4245, with a resistance set at the $5545 mark.
On the long-term outlook, an uptrend is not visible owing to the sharp downwards price movement from $8390 – $6505 complemented by the fall from $5850 – $4350. As all previous support levels were broken during the fall to below $5000, resistances have now been set at $4545, $5850 and $6145.
The market seems to be headed for another bearish turn in the short term, with a longer recovery to be seen in the medium to long-term. Resistances will be tested at $5545, with the support at $4245 representing the last stance for Bitcoin’s bulls.