Following the crypto market’s quiet weekend trading session, most cryptocurrencies have continued to trade flat, and have thus far maintained nearly all of their recent price gains that were incurred during Friday’s market surge. Bitcoin (BTC) has found stability in the mid-$3,600 region and appears to be forming $3,700 as a level of resistance.
Multiple analysts now expect Bitcoin to form another upwards leg before hitting a strong resistance level, which is unlikely to be swiftly broken above unless the cryptocurrency’s bulls garner a significant amount of buying pressure.
Bitcoin Stable Around $3,650, Analysts Bearish on Larger Time Frames
At the time of writing, Bitcoin is trading down marginally at its current price of $3,645. Over the weekend, BTC rose to highs of nearly $3,700 before swiftly being pushed down towards its current price levels. This signals that $3,700 may be a level of relative resistance for the cryptocurrency in the short-term.
In a recent tweet from Mayne, a popular cryptocurrency analyst, he explained that he is still bearish on BTC over high time frames despite Friday’s upwards surge that sent it from lows of $3,400 to highs of $3,700.
“$BTC…I’m still leaning bearish on the HTF… I think if