(MENAFN – FxPro)
After facing increased levels of selling pressure yesterday, Bitcoin has been able to maintain above $3,900, which is increasingly becoming a level of support for the cryptocurrency. Despite this, $4,000 still remains a key level of resistance for BTC, and the crypto’s short positions are rapidly climbing as it continues to fail to break above this price level.
Analysts continue to watch Bitcoin’s key support levels as the cryptocurrency fails to garner any significant amounts of buying pressure to propel it above $4,000, which may ultimately lead it to drop back towards its strong support levels in the low-$3,000 region.
At the time of writing Bitcoin is trading up marginally at its current price of $3,915 and is up slightly from its daily lows of $3,870. Importantly, BTC has found some levels of buying pressure in the upper-$3,800 region, but it has continued to struggle to move towards $4,000. Because of this, the crypto’s short positions have been climbing, and are looking to outnumber BTC’s long positions for the first time since early January.
Furthermore, Chonis also explained that Bitcoin is currently back-testing its middle channel resistance, which could either lead it to surge to the upper end of the channel – which is around $4,000 – or to sink towards the bottom end at around $3,800.
Bitcoin Short Positions Rise as BTC Faces Growing Resistance at Critical 4,000 Level, NewsBTC, Mar 13