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Following a sharp decline in price yesterday, Bitcoin  will retest the low $3,500s let´s have a look at whats going on in market.
BTC price $3663.54 -0.15% has n´t been able to regain the critical $3750 mark this week and is still consolidatied under it after not reaching by the $4k point and vanishing the short term hopes of an inverse head and shoulders bottom.
SENTIMENT ANALYSIS
Looking more in detail at the charts we can asume that the sentiment in the market is still bullish, taking into account that longs out weighting shorts by 30k to 22k at Bitfinex exchange.

Despite this fact may suggest that the market believes  that the bottom is in and upside can be expected, generally speaking, the longs at 30k mark is reaching the maximum support the market tends to see, with these same positions being based all the way down to $6k.

Along this time, short positions have also being closed from 40k down to 22k.

Meaning that despite the buying trend pressure of both, the market remains paralized around the mid $3ks, which is exactly 61% retracement of the bounce from $3.1k.

BTC is therefore starting to unveil certain underlying weakness in this market momentum and clearly indicates that one more retest of the low $3ks could be coming in the near future.

Another factor to account is the CBOE XBT futures expiring today, which may add some hope of a short term relief rally as we have experienced before, but in general terms,  it seems that Bitcoin price needs to prove its botom at the $3.1ks much likely before we move higher.