Bitcoin Plunges Below $4,000, Is $3,000 Next?

(Kitco News) – Bitcoin briefly fell below its most recent support level of $4,000, with some analysts now saying that a breach below $3,000 could be next.

On Sunday, bitcoin touched a low of $3,657.60 and was last trading at $4,116, up 4.74% on the day, according to Kitco’s aggregated charts.

“Bitcoin has broken some key levels and serious questions are being raised about price stability,” ThinkMarkets chief market analyst Naeem Aslam said in his special report on bitcoin.

Aslam warned that if bitcoin were to break its $4,000 support level, that would open the door to further weakness.

“One can only pray that the price doesn’t break below this critical level because this would open the floor towards the $3,000 level,” he said.

Kitco’s senior technical analyst Jim Wyckoff also sees more weakness ahead. “Bitcoin bears have the solid overall near-term technical advantage and still have downside momentum to suggest still more price pressure in the near term,”…