Bitcoin hit a high of $382.40 yesterday, but the outlook has changed considerable over the past 24h. Price has now broken underneath $369! Why is this area important? The $369 price level is an established pivot zone. The market reacted quite strongly to this level on the 26th, when price staged a very rapid reversal once it high $369. The area also acted as support yesterday, so this level is of technical significance. Seeing as the market is now approaching this area from underneath, it seem likely that this level may now act as resistance again.
If the market uses $369 as resistance and continues to drop over the next few days, the $353 pivot area may come into play again. The $369 area has acted as support about four times in the past few days, so I wouldn’t be surprised if the market respects this pivot area again. A break of either of these two pivot zones will signal which way the market will be trending in the near future, so keep an eye on these areas.
Disclaimer: This is not trading/investment advice!
Image Source: 1
Chart source: https://www.okcoin.com
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
Step Finance has disclosed a significant security incident involving its protocol-owned funds, marking one of…
The crypto industry is once again grappling with a rising wave of security breaches as…
Ethereum co-founder Vitalik Buterin is once again challenging a popular crypto narrative, this time around…
Shockwaves moved through the Solana ecosystem after DeFi dashboard and portfolio platform Step Finance confirmed…
Tether has released its Q4 2025 quarterly attestation, and the numbers confirm what much of…
Lighter is officially stepping beyond its roots as a high-performance perpetual DEX with the launch…