Bitcoin Price Watch: BTC’s Recovery Facing Significant Hurdles

Bitcoin price declined below the $3,550 support and tested the $3,380 level against the US Dollar.
There was a break below a major bullish trend line with support at $3,590 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price is currently recovering, but it could face strong resistances near $3,550. $3,580 and $3,640.Bitcoin price extended losses below the $3,600 support against the US Dollar. BTC may recover in the short term, but upsides are likely to be capped by $3,600