Bitcoin Daily Chart – Source: Tradingview.com

Price has been testing support at $3476 several times over the past week.

Each test makes the level weaker with fewer buyers to hold the level on each retest.

Price finally broke below this level today and looks likely to close below as traders are accepting prices below the level and not quickly bringing the price back up.

Any time price fell below the level over the past week, traders quickly brought the price back up.

Bitcoin 4-Hour Chart – Source: Tradingview.com

Price had been finding support at the $3476 level for the past two weeks but today’s bearish movements have resulted in price dropping below.

Price has found support at the level of last weeks low.

A quick crash on Tuesday last week brought price as low as $3401 but the price quickly recovered back above $3476.

Today’s bearish movements did bring price briefly below this new support level to a low of around $3360.

This was an important area for price action in December and is likely to act as support in the event that price drops back below $3401.

Key takeaways:

  • Bearish start to the week for Bitcoin as it drops below the key support level at $3476.
  • Price had tested this level numerous times during trading last week.
  • Price dropped to around $3360 which was an important level in December but has since recovered back above $3401 which was the point of last weeks low.

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