Bitcoin Analysis: Bullish Correction Still Possible if Price Holds Above $3,550

Author : Sunil Kumar   1 week ago  

Bitcoin Price — Quick Take: The bitcoin price dropped more than 8 percent on a 24-hour adjusted timeframe. The cryptocurrency is attempting a pullback from a historically strong support area above $3,550. Further breakdown action could lead to a double bottom scenario. The bitcoin price on Thursday plunged more than 8 percent across the Asian and European trading session, according to aggregated market data at CoinMarketCap.com. The BTC/USD pair is trading at $3,635 on Coinbase at press time, up 2.7 percent from its session low at $3,556. It formed an inverse relationship with the US dollar, which appeared stronger owing to favorable macroeconomic fundamentals. The US Dollar Index, which measures the US dollar with six leading global fiat currencies, rose by 0.34 percent to 95.11 after dropping to a three-month low. Bitcoin Price Technical Indicators

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