The past week proved highly challenging for the whole market. Bitcoin graphs show that the market withstood this test with forbearance. Even in the absence of positive news, there was a rapid price reversal from key support levels. Everything has gone smoothly this week, and buyers and sellers are now analyzing the situation. Japan’s Financial Services Agency (FSA) gives a bit of positivity to the market as it is considering the possibility of surveying ICOs in Japan. The FSA has played a pivotal role in drawing up rules regarding cryptocurrencies in Japan, despite the fact that the country has officially classified Bitcoin as a payment method.
- Bitcoin hit a very strong support level at $3,000, and any attempts by sellers to move in this direction now can be regarded as an opportunity to make a good purchase.
- Resistance at the $4,000 level has been tested, and we are very likely to see a breakthrough attempt to reach $4,400.
- Getting out of the $3,000 to $5,000 range is important for the bulls. A new surge in sales may result from remaining at the same levels for a long time. This can lead to the price quickly getting back to $3,500.