We have seen so far three instances of strong demand for Bitcoin below 3500 and a handful of instances with strong sell pressure above 4000. Price currently sits precisely in the middle of the range at 3700, a tentative support. Until Bitcoin is able to either break and close above 4500 or below previous lows at ~3150, Bitcoin will remain without a strong trend.
As always, on a break and close below lows we look to 2800 and then 2500 for support in the immediate. A break from the range highs and we anticipate a “gap up” from 4500 to low 5000s, with 5400-5500 acting as the first major resistance.