There is a renewed selling pressure for Bitcoin. The price of Bitcoin was seen consolidating losses at the $3,560 support area. It is seen preparing for the next price move either above $3,650 or below $3,540. However, analysts are of the opinion that the bear market is kicking in.

The idea of a bullish trend stems from the classic expectation of a bull market that will trend if the futures would start to trade at a premium to the spot price.  The expectations of investors are for the most part based on hope rather than on hardcore facts.

A resistance level was seen at $3,625 with a short-term contracting triangle.  It is expected that the price will trend towards the next level at $3,650 if a bullish trend sets in and a $3,540 if a bearish trend sets in.

It is seen that Bitcoin is currently heading towards a major break that is above the $3,650 versus the USD.  If the close is above $3,650, this will trigger a Bullish move touching up on $3,720 and $3,800.

When the price of the Bitcoin is analyzed closely it is observed that the bearish trend level of Ethereum triggered a downward move below the $3,650 in the BTC/USD pair.

In the 100-hour SMA chart, it was seen to go down below $3,620. The last of the waveform ranging low at $3,376 through high at $3,716 showed a break below the Fibonacci retracement level at 23.6%.  While the price trended a lot below the $3,600 support, the $3,560 pivot provided for solid support. There was also support seen at the 50% Fib retracement level.

The price currently at the time of reporting was holding at $3,587.  The key support prices are at $3,500 and $3,455.  The price action is at present convincing. However, for a reliable upward move there should be a convincing break at $3,650; otherwise, it might drop to price ranges around $3,500 or $3,455.

The hourly MACD for BTC/USD indicates a move to the bullish zone.

The RSI recovered well indicating a break at the 50 level.

The Major Support Level is seen at $3,540.  A Major Resistance Level is seen at $3,650.

Most of the investors are only bothered to understand if the price will go up or down simply. They are not concerned about whether regulatory authorities will approve it or not. Thus the situation for Bitcoin is just making or break when it comes to the turn of trends.  While there are responses based on the technical indicators, not all investors think in terms of hardcore facts.