BTC/USD Likely To Hit $400 Levels

BTC/USD continues trading in the red on Friday and currently trades round 416.00 levels at the time of writing. The pair touched a high (and major resistance) at 465 levels last week, and failed to break above.

The recent revelations from Bitcoin core developer Mike Hearn might weigh on the pair, dragging it further south. Hearn, in a latest blog post, has said that “Bitcoin has failed” and announced that he will not participate anymore to the development of the digital currency and has sold all his coins.

BTC/USD has broken below major support at $424 levels and further downward move to $400 levels seems likely. A break below this level could see the pair testing $380 levels.

On the flipside, resistance is seen at $436 levels and a convincing break above could see a jump to $465 levels.