#Bitcoin Price Crucially Recovers From $3,700, Can $4,000 Hold in Short-Term?

December 4, 2018

 

Over the past 12 hours, the Bitcoin price has recovered from $3,700 to $4,000 on major fiat-to-crypto exchanges like Coinbase and Bitstamp. On December 3, Bitcoin (BTC) was on the verge of dipping below a major support level at $4,000 and at the time, several analysts said that a drop below the support level could result in BTC dropping to mid-$3,000. The unexpected swift recovery of BTC has allowed the dominant cryptocurrency to avoid what potentially could have been a large drop to the lower range of $3,300 to $3,600. Prior to the abrupt recovery of Bitcoin to $4,000, technical analysts said that the momentum of the asset was severely weak at $3,800.“I don’t see any reason to be bullish on BTC at this level. Not that this won’t pump to test resistance $3,930 or higher, but longing here is a gamble I’m not interested in,” The Crypto Dog said on Monday.

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